The US Navy says it is actively clearing explosive mines from the Strait of Hormuz, a lifeline for global oil shipments. Officials warn the operation could take months, and even suspected mine threats are already disrupting routes. Shipping firms and insurers are reworking risk assessments and policies as Washington moves to restore safe passage for vessels.
Swiss commodities giant Vitol says the US-Iran war has already removed up to a billion barrels from global oil markets. Speaking at a summit in Lausanne, the world’s biggest independent oil trader argued the shock didn’t just disrupt supply, it effectively erased volumes from the system—tightening balances and raising uncertainty for prices and availability.
Your news, in seconds
Get the Beige app — every story in 60 words, updated hourly. Free on iOS & Android.
Swipe through stories, personalise your feed, and save articles for later — all on the app.
