New Delhi, May 18 -- The closure of the Strait of Hormuz has become a structural constraint on global energy flows rather than a temporary supply shock, with maritime traffic through the waterway having fallen more than 90 per cent from pre-conflict levels, Moody's Ratings said in its global geopolitical risk report.

The ratings agency said there is little prospect of a swift and durable settlement between the United States and Iran, and consequently no early prospect of the Strait's full reopening. It expects disruptions to continue through autumn.

Bilateral Corridors, Not a General Reopening

Moody's said, "We expect oil importers -- particularly China, India, Japan and Korea -- to negotiate passage bilaterally with Iran, potentially ...