The united states has targeted Iran's nuclear facilities. The Middle east situation has since gotten more volatile. iran, meanwhile, has made a significant declaration. The plan to close the strategically significant Strait of Hormuz has been accepted by the Iranian Parliament. Other nations' oil costs will undoubtedly rise as a result of this move.
Approximately one-third of the global maritime oil traffic travels along this same path. Iran's state-run press TV reported this decision on Sunday. Following this, there has been a stir in strategic circles and the world's oil markets.
Importance of the Strait of Hormuz
The gulf of oman and the Persian gulf are connected by the Strait of Hormuz. In addition, it is among the world's busiest and most delicate oil routes. This route is used for the majority of oil exports from nations including Saudi Arabia, Kuwait, Iraq, the United Arab Emirates, and Qatar.
One of the world's most significant sea routes is the Strait of Hormuz. At its narrowest point, this road is only 21 miles wide and roughly 96 miles long. Iran has the authority to stop this waterway at any time, and the only maritime channels for transit from either side are two miles. Since there will be issues with ship movement and transportation costs would rise significantly as a result of the decision to close it, it is now inevitable that crude oil prices will soar.
Final decision is of Security Council
"There is a consensus in favor of closing the Strait of Hormuz, but the final decision will be taken by Iran's supreme National Security Council," Major General Kovasari, a member of the Iranian Parliament's National Security Committee, told state media. Final military and diplomatic decisions are made by this council, which is the nation's highest security institution.
In addition to being a geographical move, closing the Strait of Hormuz might have a significant negative economic impact on the US and the West. The global economy, marine traffic, and oil supplies may all suffer as a result of this action. Nations that rely heavily on West Asian oil imports, such as India, may also have challenges.
Approximately one-third of the global maritime oil traffic travels along this same path. Iran's state-run press TV reported this decision on Sunday. Following this, there has been a stir in strategic circles and the world's oil markets.
Importance of the Strait of Hormuz
The gulf of oman and the Persian gulf are connected by the Strait of Hormuz. In addition, it is among the world's busiest and most delicate oil routes. This route is used for the majority of oil exports from nations including Saudi Arabia, Kuwait, Iraq, the United Arab Emirates, and Qatar.
One of the world's most significant sea routes is the Strait of Hormuz. At its narrowest point, this road is only 21 miles wide and roughly 96 miles long. Iran has the authority to stop this waterway at any time, and the only maritime channels for transit from either side are two miles. Since there will be issues with ship movement and transportation costs would rise significantly as a result of the decision to close it, it is now inevitable that crude oil prices will soar.
Final decision is of Security Council
"There is a consensus in favor of closing the Strait of Hormuz, but the final decision will be taken by Iran's supreme National Security Council," Major General Kovasari, a member of the Iranian Parliament's National Security Committee, told state media. Final military and diplomatic decisions are made by this council, which is the nation's highest security institution.
In addition to being a geographical move, closing the Strait of Hormuz might have a significant negative economic impact on the US and the West. The global economy, marine traffic, and oil supplies may all suffer as a result of this action. Nations that rely heavily on West Asian oil imports, such as India, may also have challenges.
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