What are the stakes in Strait of Hormuz if Iran-Israel conflict worsens?
Global News
Tensions are flaring up in the Middle-East and there are already knock-on effects impacting economies globally, including with higher prices for gasoline at the pumps.
Tensions are flaring up in the Middle East and there are already knock-on effects impacting economies globally, including with higher prices for gasoline at the pumps.
While it’s not clear if Khandouzi was speaking personally or if his views are shared by the regime in Tehran, the stakes of any changes to passage through the Strait of Hormuz would be significant, experts say.
“It is an enormous, probably the biggest and most important maritime choke point in the world for the global economy,” says Joe Calnan, vice-president of energy and a fellow at the Canadian Global Affairs Institute.
“This is the single choke point that is most likely to upend the international economy, and there’s not very many alternative routes.”
Speaking at the G7 summit in Alberta, leaders said in a joint statement that they are watching the conflict closely.
“We urge that the resolution of the Iranian crisis leads to a broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza,” the statement said.
“We will remain vigilant to the implications for international energy markets and stand ready to coordinate, including with like-minded partners, to safeguard market stability.”
The Strait of Hormuz is about 30 km wide at its narrowest point and acts as a channel between the Persian Gulf and the Gulf of Oman.
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