This handout satellite image taken by 2026 Planet Labs PBC on Monday shows smoke billowing following an explosion from the port of Bandar Abbas along the Strait of Hormuz.—AFP KARACHI: Escalating military conflict in the Middle East and the closure of the Strait of Hormuz have forced global shipping companies to adopt precautionary measures for the movement of goods by sea as well as for their staff and crew, while some firms have indicated the imposition of war-risk and contingency surcharges on cargo. The Strait of Hormuz is a strategic maritime corridor through which nearly 25 per cent of the world’s oil passes. Any disruption to traffic through the narrow passage linking the Persian Gulf with the Gulf of Oman could lead to increases in crude oil and LNG prices as well as higher shipping insurance costs. “Given that a large proportion of Pakistan’s trade transits through the Gulf region and the fact that most major shipping lines have already announced service disruptions, Pakistan’s trade will suffer dela...