LONDON, 07 May. - (ANA) - Hundreds of merchant ships remain bottled up in the Persian Gulf, unable to reach the open sea without passing through the Strait of Hormuz.

 

A cargo container ship operated by the CMA CGM Group was damaged, and multiple crew members were wounded when it came under attack while transiting the strait Tuesday, the French shipping company said. It said the injured crew members were taken off the ship and received medical treatment.

 

Oil prices and shipping will not likely return to normal until the risk of attacks in the strait has receded, said Kaho Yu, head of energy and resources at risk intelligence company Verisk Maplecroft.

 

“Refiners, shippers and commodity traders will remain cautious until there is clearer evidence that Hormuz disruptions will not re-escalate,” he said.

 

Among them is Hapag-Lloyd, one of the world’s largest shipping companies. It said in a statement that the strait’s shutdown is costing it around $60 million per week, with rising fuel and insurance costs hitting particularly hard. The company said alternate routes to other harbors or over land are limited.

 

The spot price of Brent crude oil, the international standard, fell to around $100 per barrel Wednesday, easing significantly from big price jumps earlier in the week. Crude sold for roughly $70 a barrel before the war began.   - (ANA) -

 

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