Hormuz and Black Sea disruptions roil global trade

Global trade is being disrupted by tensions at two key maritime chokepoints. Oil prices fell toward $80 a barrel on prospects of a partial reopening of the Strait of Hormuz, with Iran seeking fees of 5-7% of cargo value. Meanwhile, intensified attacks in the Black Sea have driven daily tanker costs above $300,000 and war insurance premiums up to 2% of ship value, prompting UN warnings of food inflation.