Strait of Hormuz: The increasing conflict between America and Iran has increased the serious threat to oil exports through the Strait of Hormuz. Due to the attacks by Iran, global oil supply has been affected, due to which energy prices have seen a rise.
The IRGC Navy Chief said, “You first tested Iran through the Strait of Hormuz. If smart control of the Strait becomes the new oil price benchmark for you, then the attack on Kharg Island will create an entirely new and serious equation for energy pricing and distribution.”
Trump promised to free the Strait of Hormuz
Amid threats from Iran, US President Donald Trump has said that the Strait of Hormuz will be freed for shipping at any cost. He appealed to China, France, Britain, Japan and South Korea to send their warships to protect this corridor. The Strait of Hormuz is a narrow sea route located between Iran, Oman and the UAE, through which 20 percent of the world’s oil is exported. Iran’s largest oil terminal Kharg Island is also present near this area.
Iran’s stance
Iran’s Foreign Minister Abdullah Araghchi has said that the strategically important Strait of Hormuz is open to international shipping, but ships belonging to the United States and Israel are not allowed to pass through this route. Araghchi’s statements come at a time when tension has increased due to recent military developments in the region. In an interview given to American cable news channel, Araghchi said that the sea route has not been completely closed. Despite this, hundreds of ships, including many Indian ships, are stuck in this narrow sea route between the Persian Gulf and the Gulf of Oman.
