Ormuzh Strait Reopens, Causes Traffic Jam in Persian Gulf

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Roughly 1,200 cargo ships carrying goods and raw materials worth around $125 billion are stuck in the Persian Gulf, according to insurance company Allianz, as reported by Financial Times.

The buildup of ships in the Persian Gulf is a result of the gradual resumption of traffic through the Strait of Hormuz, which saw up to 135 vessels pass through daily before the onset of the Middle East conflict. These ships accounted for one-fifth of global oil and gas shipments.

According to Lloyds List Intelligence, since the signing of the ceasefire memorandum between the U.S. and Iran (from June 14 to June 21), only 69 ships have passed through the strait.