, June 24 -- More than 1,200 cargo ships carrying goods worth an estimated $125 billion remain stranded following the closure of the strategically important Strait of Hormuz, the Financial Times reported on Wednesday, citing a report by insurance company Allianz.

According to the report, the disruption has significantly altered how insurers assess risks in major maritime chokepoints.

"We used to discuss possible disaster scenarios, but now we are dealing with a real one," Justus Heinrich, Allianz's head of marine underwriting, told the newspaper.

Shipping activity has started to recover after the United States and Iran announced an agreement to reopen the Strait of Hormuz, one of the world's busiest oil and trade routes.

Data from Llo...