US EditionTransit Fears Rise Over Strait of Hormuz
- Tensions are escalating between Israel and Iran, raising fears that Iran might obstruct the Strait of Hormuz, a vital maritime route responsible for transporting about 20% of the world’s oil supply.
- Since 1980, Iranian officials have made roughly 15 declarations about shutting down the Strait of Hormuz, but such warnings mostly come from lower-ranking figures and a complete closure is considered improbable due to the significant economic damage it would inflict on Iran itself.
- The Strait supports oil exports from Saudi Arabia, UAE, Iraq, Kuwait, and Qatar with some 10 million barrels per day passing through, and its closure would severely disrupt global markets and regional economies.
- Claude Moniquet warned oil prices could jump 40-50% within hours of a blockade and described Iran’s mine-laying or attacks as suicidal given the guaranteed US response, while US strategic reserves can offset disruptions for months.
- Despite high regional tensions and Israeli societal support for the war, US public opposition and restrained Washington policy suggest limited likelihood of direct intervention, while economic and diplomatic impacts of any blockade would be profound.
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Maria Berzeletos' analysis sheds light on the escalation of tensions in the Middle East, highlighting China's decisive role in the global energy security equation.
Strait of Hormuz: Global energy trade's flashpoint
The Strait of Hormuz, which Iran has threatened to close, stands out as a waterway of vital importance to the world's oil supply and global economy. This strategic passage, through which 17-20 million barrels of oil are transported every day, has become a focal point of international tensions and trade wars. The global route of oil and LNG The Strait of Hormuz is a route through which a large portion of exports from major oil-producing countries…
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Leaning Left5Leaning Right8Center3Last UpdatedBias Distribution50% Right
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