Strait of Hormuz: Iran Dey Close Key Shipping Route?
Tensions dey rise for Middle East as Iran parliament vote say dem go close de Strait of Hormuz afta US strike dem nuclear sites. Dis strait dey very important for world oil supply, so dis decision dey cause wahala about possible global recession.
Wetin be de Strait of Hormuz?
De Strait of Hormuz dey between Oman and Iran, and e connect de Persian Gulf to de Gulf of Oman and de Arabian Sea. E be one of de world most important oil chokepoints. Plenty oil dey pass through dis strait everyday, about 20 million barrels per day for 2024, which be like 20% of world petroleum liquids consumption.
Why dis matter dey important?
If dem close de Strait of Hormuz, even for small time, e fit cause big delays for oil supply and make shipping cost high. Dis fit make world energy prices go up. Although some chokepoints get alternative routes, many of de oil wey dey pass through dis strait no get other way to go.
Iran decision
Iran parliament vote say dem go close de strait afta US attack dem nuclear sites. But de final decision dey rest with Iran supreme national security council. If dem close de strait, e fit cause oil prices to rise sharply.
Effect on Oil Prices
Brent crude oil price don already go up small since mid-June because of tensions for de region. If dem close de Strait of Hormuz, analysts dey predict say oil prices fit go up more, which fit cause global recession.
Possible actions by Iran
- Mining the strait with naval mines.
- Deploying anti-ship missiles.
- Using fast attack crafts and submarines.
We go dey monitor de situation and bring you more updates as dem dey happen.