Iran-US tensions: What would blocking Strait of Hormuz mean for oil, LNG?
Al Jazeera
More than $500bn in oil and gas flows through waterway annually, leaving the global economy exposed to disruptions.
Whenever tensions rise between Iran and the United States, one narrow waterway moves to the centre of global attention – the Strait of Hormuz.
The world’s largest warship, the nuclear-powered aircraft carrier USS Gerald R Ford, is heading to the Gulf, joining one of the largest US military build-ups in the region since the 2003 invasion of Iraq. This time, Iran is in Washington’s crosshairs.
This month, Tehran signalled how it might respond to an attack when it announced the temporary closure of sections of the Strait of Hormuz, the narrow gateway linking the Gulf to open seas.
Iranian authorities carried out live-fire military drills in the corridor, through which about 20 percent of global oil supplies are shipped.
The move marked a rare suspension of activity in parts of the strait. It served as a pointed warning about the economic consequences if Washington proceeds with its threats to strike Iran, highlighting how quickly a regional confrontation could spill into global markets.
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Tehran believes so, and will seek to extract concessions that the US and Gulf nations can’t agree to, analysts caution.
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Tehran’s statement on opening of key waterway comes as US President Donald Trump says talks are taking place to end the war.