The Blocking of the Hormuz Strait by Iran Caused a Surge in Oil Prices

Евгения Комарова Politics
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The blockade of the Strait of Hormuz by Iran caused a spike in oil prices


Tehran has announced a temporary closure of the strategically significant Strait of Hormuz due to large-scale military exercises. According to the Associated Press, this is the first time Iran has officially notified the global community of a complete blockade of this key maritime route for live-fire exercises. Previously, Iranian military maneuvers were limited to warnings about potential navigational hazards and did not lead to an official closure of the area.

The Strait of Hormuz plays a crucial role in global energy, with about 20% of global oil consumption passing through it, as well as a significant share of liquefied natural gas (LNG). According to oil and gas market experts, any interference with shipping in this area immediately affects global prices. Following the new information about the blockade, the price of Brent crude oil in international markets has already shown a significant increase.

Experts note that the exercises are taking place against the backdrop of ongoing tensions in the region. Iran's military leadership has stated that the maneuvers aim to test the combat readiness of the country's missile systems and naval forces. The U.S. Navy's Fifth Fleet, based in Bahrain, has confirmed that it is closely monitoring the situation. Western military sources emphasize that free passage through the strait is protected by international law, and its blockade poses potential threats to global security and world trade.
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