Amidst the ongoing war in the Middle East, the whole world is becoming increasingly concerned about the supply of oil. News is coming out that Iran is now preparing to make the world yearn for every drop of oil. After the almost closure of the Strait of Hormuz, the fuel crisis in the world has started deepening. Meanwhile, there is news that Iran is now considering closing another important route of oil supply. According to reports, Tehran’s war room may be planning to close an important sea route named Bab-al-Mandeb near the Arabian Peninsula.
If the attacks continue, they will block the passage of ships.
According to a report, Iran has indicated that if America and Israel continue to attack it and prolong the war, then Iran may block the passage of ships passing through Bab-al-Mandeb. The report has cited sources monitoring Iran’s military. It has been told that if America targets the new supreme leader of Iran or other big leaders, then Tehran can implement this option.
Iran’s stern warning
Earlier, US President Donald Trump had said that the ongoing war in Iran is almost over. Reacting to Trump’s statement, Iran’s Revolutionary Guards gave a strong reply. He said that Iran will decide when the war will end. If the attacks by America and Israel continue, Iran will not let even a liter of oil go out of its territory.
Bab-el-Mandeb is a very important sea route
The Bab-el-Mandeb Strait is a narrow but very important sea route. It connects the Red Sea to the Gulf of Aden. This route is also a major sea route connecting the Mediterranean Sea and the Indian Ocean through the Suez Canal. Bab-el-Mandeb is located between Yemen in the Arabian Peninsula and Djibouti in Africa. It is counted among the most important sea routes of the world.
Crisis deepens after Hormuz
This news has come at a time when the Strait of Hormuz, another important route in the Gulf area, has almost been closed due to the war. Iran had announced the closure of this route after the attacks by America and Israel. Not only this, some ships trying to pass through this route were also targeted.
According to an independent research organization, about 15 million barrels of crude oil is sent through the Strait of Hormuz every day. This is about twenty percent of the world’s total oil supply. In such a situation, the closure of this route has had a major impact on the fuel supply.
Huge jump in oil prices
The effect of increasing military tension in West Asia is clearly visible on the world oil market. A sharp rise in crude oil prices was seen on Monday. The price of crude oil reached about one hundred and twenty dollars per barrel, although later a slight softening was also seen in it. The international oil standard Brent crude oil reached around one hundred and nineteen dollars fifty cents per barrel.
Production and supply affected due to rust
The war has now reached its second week and it is also affecting the oil and gas producing areas of the Persian Gulf. The movement of oil tankers through the Strait of Hormuz has almost stopped, due to which there is a sharp increase in the prices of crude oil.
Oil exports of many countries affected
Oil and gas are exported through this route from Saudi Arabia, Kuwait, Qatar, Bahrain, United Arab Emirates and Iran. But due to stoppage of exports, Iraq, Kuwait and United Arab Emirates have had to reduce their oil production. This rise in energy prices can have an impact on the economy of the entire world. Due to cost of energy, there is a possibility of increase in inflation and pressure on people’s expenditure.
