Iran has begun preparations to mine the Strait of Hormuz, a critical passage for global oil, which is expected to significantly raise oil prices globally. US officials reported that Iran loaded naval sea mines onto vessels in the Persian Gulf. A former British military intelligence officer emphasized that closing the Strait would impact 20-30% of the world’s oil and gas supply, leading to an economic shock surpassing that of the Ukraine invasion. Iranian officials have indicated that the closure of the strait is a strategic option, creating concern over global energy stability and pricing.
Phillip Ingram warned on Sky News that should Iran close the Strait of Hormuz, between 20 and 30% of all the world's oil and gas goes through that strait. The economic shock that would cause across the world would make what happened when Russia invaded Ukraine just over three years ago seem like small change.
Esmail Kosari stated, 'Closure of the Strait is on the agenda and will be done whenever necessary,' indicating a serious threat to the global oil supply.
John Gawthrop noted that any disruption to Gulf supplies would push up global crude prices and prices for Russian crude would rise as well.
Captain D K Sharma warned that Iran's threat to block the Strait of Hormuz could lead to significant disruptions, pushing up insurance costs and leading to rerouting shipments.
Collection
[
|
...
]