Crisis in the Strait of Hormuz and Economic Effects --- If the input is one word or a very short phrase, return ONLY its literal translation in English — nothing else. Hürmüz Hormuz --- If there is no text provided, do not output anything.

For much of the past six weeks, only a very limited number of ships have been able to pass through the Strait of Hormuz. It is thought that around 800 ships, most carrying oil and gas, are stranded in the Gulf and unable to reach the open seas. There was a direct link between the closure of the Hormuz and the increase in gasoline and diesel prices, the rise in airfares, and the global rise in interest rates. Many countries are also dependent on these waters for the supply of other petrochemical products produced in the region's refineries. These include jet fuel, diesel, fertilizer raw materials, and helium, which is vital for microchip production. The good news is that the ceasefire declared on April 7 halts the escalation of the conflict and offers a path to peace with the easing of tensions. This is why the markets reacted positively with a 15% drop in oil and gas prices and a rise in the stock market. However, the drop in global oil prices is not immediately reflected at the ...