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Global oil flows are at risk from possible Iranian action in the Strait of Hormuz, which carries 21 million barrels daily.
The world may be about to face a monumental crisis in oil flow like never before! Iran may close the Strait of Hormuz, one of the world's main oil trade routes, should there be an escalation in the conflict with Israel. This maritime portion in the Middle East corresponds to 20% of the product flow, meaning that one-fifth of the world's oil could be trapped.
O Strait of Hormuz It connects the Persian Gulf with the Gulf of Oman and is vital for oil trade logistics. Every time conflicts in the Middle East escalate, the strait returns to the center of global discussions. The short sea arm shelters Iran to the north and Oman to the south., becoming a strategic and sensitive point.
Oil flow may be interrupted
Within the Strait of Hormuz, the most critical region is 33 kilometers wide. Although the distance seems large, the space in which the vessels sail is just over 3 kilometers wide. This narrow corridor is enough to make major nations fear retaliation from Iran.
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According to the United States Energy Agency (EIA), at least 21 million barrels of oil could be blocked daily with the closing of the strait. Of this total, 15 million barrels are destined for European countries., in addition to Japan, South Korea, Saudi Arabia, the United States, China and India. In other words, the impact on oil flow would be global and immediate.
Saudi Arabia and the UAE offer operational pipelines to replace
The EIA stated that there are few structural alternatives that can replace the importance of the small maritime portion. Only Saudi Arabia and the United Arab Emirates offer operational pipelines that could attempt to transport the product at the same rate. However, these infrastructures together allow the transportation of less than 10 million barrels per day., less than half of what passes through Strait of Hormuz.
On April 9, 2024, Ali Reza Tangsiri, head of Iran's Navy, said that he could review the policy practiced in Strait of Hormuz. “We can close the Strait of Hormuz, but we don’t”, said Tangsiri. “However, we will review our policy if the enemy puts pressure on us.”
The world is keeping an eye on the Middle East and Iran in particular
The size of the channel and its strategic importance mean that any tension in the region has immediate repercussions on oil prices and the global economy. The world is watching the Middle East, concerned about the possible consequences of a closure of the strait.
Will Iran really close the Strait of Hormuz and will cut 20% of the oil flow global? How would this affect the global economy and our daily lives? Leave your opinion in the comments!
From the times, right? Iran will close the canal there, how will the whole world be here, that the teacher World War end times