US EditionIran reportedly closes Strait of Hormuz: Oil and gas majors and traders suspend shipments
Iran's closure of the Strait of Hormuz follows US-Israel attacks, suspending shipments and risking disruption of 20 million barrels daily, vital to global oil supply.
- On Saturday, UKMTO reported that the IRGC warned vessels that no ship is allowed to pass the Strait of Hormuz after U.S. and Israeli strikes, while roughly 750 vessels transited the area.
- On Saturday, Iran told vessels `no ship is allowed to pass the Strait of Hormuz` after attacks on Iranian facilities, with reports of closure claims that cannot be independently verified.
- The U.S. Navy warned companies it cannot guarantee vessel safety in the Persian Gulf, while insurance firms warned premiums could rise by 50% and major oil companies suspended shipments.
- Analysts warn one day of a full blockade could double global oil prices from $66 to more than $120, risking an international crisis, and Kuwait and Saudi Arabia would oppose it.
- It is not yet clear whether radio transmissions amount to a legal blockade, and UKMTO cautioned that VHF Channel 16 broadcasts are not legally binding or a lawful restriction on navigation.
229 Articles
229 Articles
In response to the attacks, Iran has closed the Strait of Hormus. Now an energy price shock threatens. Because through this strait almost all oil from the Gulf needs.
Significant Strait - Iran apparently blocks Strait of Hormus[more]]>
The first consequence of the attack by Israel and the United States against Iran even the reaction perhaps more feared for the markets. Tehran has closed the Strait of Hormuz,...
KITA warns of logistics risks if Strait of Hormuz blocked
Korea could face serious uncertainty in its export and import logistics if Iran blocks the strategic Strait of Hormuz, the Korea International Trade Association (KITA) said Sunday. KITA held an emergency meeting at its Trade Tower headquarters, presided over by Chairman Yoon Jin-sik, to review potential risks amid escalating U.S.-Iran tensions and discuss contingency measures. The Strait of Hormuz, a narrow waterway linking the Persian Gulf and …
It is the main artery for energy trade, so an eventual closure, unleashed by the massive attack of the United States and Israel on Iran, would pose a serious threat to the world economy. The Strait of Ormuz, a narrow passage that connects the Persian Gulf with the Indian Ocean, borders Iran to the north and the United Arab Emirates and Oman to the south. Its importance lies in the fact that most of the region’s oil and gas producing countries do…
Coverage Details
Bias Distribution
- 43% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
