The Strait of Hormuz, a narrow waterway at the mouth of the Persian Gulf, handles around 26% of the world’s oil trade and is rarely far from the center of global tensions.

As the conflict escalates, container shipping faces growing risks from a potential chokepoint closure, rising insurance costs and surcharges from major carriers.

Iran has in the past threatened to close the critical Strait of Hormuz to traffic in retaliation for Western pressure. Any closure of the strait could restrict trade and affect global oil prices. In the latest measure,