Iran and Ukraine wars: Why ship fuel is running short, and why it matters

The shipping industry, already heavily constrained by restrictions on transit through key waterways such as the Strait of Hormuz, faces another challenge stemming from the US-Israel war on Iran and Russia’s war on Ukraine: a shortage of fuel oil used by ships and power plants.

The fuel used by ships powers the transport of large cargoes around the world. Any shortage of this fuel could drive up ...