Fujairah: ASEAN-UAE deal of the decade?

Iran closed the Strait of Hormuz in early March. Not symbolically — operationally. Within seventy-two hours, twelve P&I clubs insuring 90% of global shipping cancelled Hormuz cover outright. War-risk premiums surged from $250,000 to $2–3 million per VLCC. Brent hit $119. The IEA called it the greatest energy and food security challenge in history —worse than the 1970s oil shocks and the Russia-Ukraine gas crisis combined.

Fujairah: ASEAN-UAE deal of the decade?

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