A potential US-Iran agreement could lower energy-, fertilizer- and food prices in Africa if the Strait of Hormuz fully reopens. Oil exporters such as Nigeria and Angola might have to cope with less revenue, experts say.
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A potential US-Iran agreement could lower energy-, fertilizer- and food prices in Africa if the Strait of Hormuz fully reopens. Oil exporters such as Nigeria and Angola might have to cope with less revenue, experts say.
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Experts say that there are significant obstacles preventing traffic from returning to the levels seen before the conflict began β security, mines and tolls.
India alone has more than 18,000 sailors stuck across the Persian Gulf region. Some tell CBS News it feels like they're "in jail."
Brent crude has tumbled to three-month low following agreement to extend US-Iran ceasefire
The months-long shutdown of the the crucial shipping route has rocked global oil markets and flowed through to all sorts of prices. How will the reopening change things, and how fast?
President Trump says there's a "safe, secure and pristine" route through the Strait of Hormuz, but major shipping companies aren't convinced.
A US official said it could take as many as two weeks for shipping to significantly increase.