Strait of Hormuz Blockade Shakes Global Energy Markets, Turkey Rethinks Istanbul Canal Project

Ankara: The blockade of shipping in the Strait of Hormuz has shaken the entire world's energy market. The Middle East conflict has shown the world that any blockage on the world's key trade routes can have a ripple effect. It comes in the form of rising fuel prices, longer delivery times. Amid the ongoing crisis in Hormuz, Turkey has started rethinking its long-discussed Istanbul Canal (canal) project. The project's plan includes building a new route parallel to the pre-existing Bosphorus, which could generate huge revenues in the form of fees. But the question is why would commercial ships pay to go through an artificial canal when there is a natural route nearby. The Bosphorus route is protected by treaties, where rules generally allow everyone to move freely? 1-Hodge warns that the data shows that almost 140 days before the war with the United States and Iran began on February 28, the movement of ships to and from Hormuz is at a standstill.