How US-Israel attacks on Iran threaten the Strait of Hormuz, oil markets
Al Jazeera
About 20-30 percent of global oil and gas supplies are shipped through the Strait of Hormuz.
The US-Israeli attacks on Iran have triggered swift retaliatory attacks from Tehran, targeting their assets in multiple Middle East countries, including Israel, Qatar, the United Arab Emirates, Kuwait, Bahrain, Jordan, Saudi Arabia, Iraq and Oman.
Analysts are warning of a spike in global oil prices after Iranian officials hinted at shutting down the Strait of Hormuz, one of the most important maritime routes in the world.
On Saturday, an official from the European Union told the Reuters news agency that vessels crossing the strait have been receiving very high frequency (VHF) transmissions from Iran’s elite Islamic Revolutionary Guard Corps (IRGC), saying “no ship is allowed to pass the Strait of Hormuz”.
However, the EU official added, Iran has not officially closed the strait. Instead, several tanker owners have suspended oil and gas shipments through the strait amid the ongoing conflict in the region.
“Our ships will stay put for several days,” a top executive at a major trading desk told Reuters on condition of anonymity. Countries like Greece have also advised their vessels to avoid transiting through the waterway.
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Iran’s Foreign Minister Abbas Araghchi says his country has shown it is ready to take the war “as far as necessary”.
Oil and gas price hikes due to the war have rattled the global economy.
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Pushback comes as US President Donald Trump says NATO allies should help secure key waterway amid soaring oil prices.
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Despite degraded launch capabilities, Iran has enough missiles to fire strategically and keep the region on edge, experts say.
Every aspect of Iran’s ability to project regional power is being successfully degraded.