Iran's military has suffered due to Israeli strikes, yet it maintains leverage post-U.S. bombings of its nuclear sites. The Strait of Hormuz, crucial for oil and gas trade, remains a focal point for potential Iranian retaliation. While lawmakers have discussed blocking the strait, it remains open, impacting global oil prices. Over 20 million barrels of oil per day traverse this chokepoint, and any disruption could significantly affect market stability, potentially driving oil prices up dramatically, as per recent estimates.
Given its importance to the energy trade, the strait's closure would cause massive turmoil in markets.
A top target would be the Strait of Hormuz, a critical chokepoint in the global energy trade that could be blocked by Iran.
While Iran's military capabilities have been degraded by punishing Israeli airstrikes, the Islamic republic retains significant leverage elsewhere.
In a note earlier this month, George Saravelos estimated that a complete disruption to Iranian oil supplies... could send oil price above $120 per barrel.
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