A new analysis from Allianz Global Corporate & Specialty reveals that approximately 1,150 commercial vessels remain stuck in the Gulf region despite a recent agreement between the United States and Iran. These ships are carrying an estimated $125 billion worth of cargo, highlighting the significant economic impact of the ongoing situation. The congestion primarily centers around the Strait of Hormuz, a critical chokepoint for global oil and trade. Allianz warns that risks to shipping continue to be elevated, even with the diplomatic efforts. Concerns stem from potential for miscalculation or escalation, despite the de-escalation agreement. The report indicates that vessels are facing increased insurance costs and potential delays. The situation underscores the fragility of maritime security in the region and the continued vulnerability of global supply chains.