Fuel prices surged again over the $100 mark on Tuesday amid the ongoing global supply crisis sparked by strikes in the straits of Hormuz and Bab-el-Mandeb.
Negotiations between Iran and the US hit another deadlock in August, prompting hostilities to resume, with the latest wave of Iranian attacks slashing daily cargo passage in Hormuz to fewer than 20 vessels a day.
On top of that, the attacks by Iran-backed Houthi rebels in Yemen are also disrupting trade around Bab-el-Mandeb, which used to be a crucial safety valve between Yemen, Eritrea and Djibouti.
With all these vital trade routes under attack, the crisis has been described as “the…
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