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Stock impact report

What will it take for ships to start sailing through the Strait of Hormuz again? [CBS News]

Capital Clean Energy Carriers Corp. - Common Share (CCEC) 
Company Research Source: CBS News
Wednesday, only one or two ships crossed the narrow waterway, according to MarineTraffic, a ship tracking website. Reopening the strait, which ordinarily handles some 20% of daily global oil shipments, is widely viewed as essential to bringing down the soaring energy prices caused by the Iran war. In an interview with CBS News' Major Garrett, American Petroleum Institute CEO Mike Sommers on Wednesday characterized the strait's closure as a "nightmare scenario" for the global economy. "There is no replacing the 20 million barrels of oil that go through the Strait of Hormuz," Sommers said. Here's what experts said must happen for oil tankers to start sailing again. Why are ships stopped? The Strait of Hormuz is currently too risky for commercial ships to navigate, with suspected Iranian drones on Wednesday striking at least three ships in and around the channel. Many insurers have also withdrawn coverage for tankers in the region. "In the end, it's all about perception, beca Show less Read more
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