Sulfuric acid prices have been rising since the start of the Iran conflict, as it’s a product of oil and gas refining in the Middle East.

European allies are pushing to limit any financial benefit to Russian President Vladimir Putin, and Asian nations are grappling with energy shortages from the war with Iran.

The mechanism by which ship operators get permission from Iran to transit the strait remain unclear, over questions as to who is actually in charge.

China accounts for roughly 60% of global mined production of magnet rare earths, as well as more than 90% of refining, and 95% of permanent magnet production.

The protests, now in their third day, are against high fuel prices caused by the U.S.-Israel war against Iran.

The timing of the Strait of Hormuz crisis has created unique challenges for a U.S. trucking industry already facing an uphill battle to stay solvent.

Iran said it would only observe a two-week ceasefire if Israel ceased its attacks on Lebanon, but Israel hit over 100 sites in Lebanon on April 8.

According to the International Maritime Organization, some 20,000 civilian seafarers are stuck on board trapped ships and the other utility and support vessels.

The UKMTO said the crew are safe and accounted for. No environmental impact has been reported. Authorities are investigating.

Satellite photos from the European Union’s Copernicus Browser show a vessel on fire in the area on March 28, and it disappearing by April 2.