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livemint.com / 2 months ago
livemint.com / 2 months ago
Mint Explainer: How long can Iran block the Strait of Hormuz?
Mint explores the best- and worst-case scenarios.On Monday the Islamic Revolutionary Guard Corps (IRGC), a branch of Iran’s armed forces, announced that the Strait of Hormuz was closed and attacked a few ships passing through it. The announcement quickly caused panic.
Most shipping lines have since suspended crude oil, fuel and liquefied natural gas shipments through the strait. On Monday, only 28 vessels transited the shipping lane, against the daily average of 138.
Oil prices have jumped sharply and crossed $80 per barrel.Iran has never shut the strait for an extended period, though it has threatened to do so several times since the Islamic Revolution in 1979. Experts say, however, that this time is different.
The Iranian regime is considerably weaker and closing the strait is its best way to inflict pain on the US, its Arab neighbours and the rest of the world in the form of high oil prices.Iran may not be able to implement a total physical blockade because of the strong US naval presence there, but it can scare ships away with targeted missile attacks.Countries such as Saudi Arabia, Iraq, Qatar, Kuwait and the United Arab Emirates (UAE) depend on this sea link to evacuate their oil and gas, so experts fear an extended disruption could send oil prices above $100 per barrel. Gas prices in Europe have already shot up significantly.That will depend on its residual military capabilities after massive strikes by the US and Israel, what the new leadership wants, and whether there will be a change of regime.However, the strait is a double-edged sword for Iran.
Read on livemint.comThe same topic in other media
The Iran war could upend AI. Here’s how. livemint.com / 2 months ago
Trump knew the risk of Iran blocking the Strait of Hormuz. He still went to war. livemint.com / 2 months ago
Mint Quick Edit | Will the IEA’s oil release of 400 million barrels relieve the world of its oil shock? livemint.com / 2 months ago
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21.05 / 10:17
UPS
Art
Booking
wellness
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Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
21.05 / 10:17
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UPS
IPO
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21.05 / 10:17
markets
Digital
CEO
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21.05 / 09:47
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21.05 / 08:45
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