Middle Eastern Conflict Could Accelerate Changes in Global Softwood Lumber Trade Flows

Within less than two weeks of the Iran-Israel-US conflict, the broader impact is already disrupting shipping, causing turmoil in oil and energy markets. The Strait of Hormuz is now closed, a crucial route that accounts for about 20% of global oil, nearly one-third of liquefied natural gas (LNG), and 2%-3% of the world’s container traffic, ResourceWise reported last year as tensions escalated between Israel and Iran. A lot of shipping traffic has been stalled or rerouted, freight insurance premiums and war-risk surcharges are rising, and several carries have suspended operations in the region.