Following a U.S. strike on Iran, global shipping is in turmoil as traffic through the vital Strait of Hormuz sharply declines. Major shipping firms from Japan and Germany are delaying or rerouting vessels to avoid risk. Iran is reportedly considering closing the strait, backed by its parliament. This chokepoint carries about 20% of the world’s oil and LNG. Rising insurance costs and supply delays are fueling instability in global markets. The U.S. has urged China to pressure Iran to keep the strait open.