War in the Middle East: The Strait of Hormuz at the heart of global energy tensions

 

War in the Middle East: The Strait of Hormuz at the heart of global energy tensions

Since the outbreak of the war in the Middle East on February 28, following US-Israeli strikes against Iran, Tehran has intensified its reprisals by regularly targeting infrastructure in Gulf countries and disrupting traffic in the strategic Strait of Hormuz.

This passage usually carries nearly 20% of the world's crude oil and liquefied natural gas. But since the start of the conflict, traffic has plummeted by about 95%, according to the Kpler maritime tracking platform.

This situation is already having major economic repercussions: fuel prices are rising in several countries, while the prospect of a US ground intervention is fueling concerns.

President Donald Trump, who has been issuing repeated warnings to obtain a ceasefire, has said he is ready, according to the Wall Street Journal , to end the conflict, even if the Strait of Hormuz remains closed.

Faced with market volatility, each country is trying to adopt measures to contain soaring oil prices. At the same time, Tehran has approved the imposition of transit fees in the Strait of Gibraltar.

In this context of deadlock, the American president threatened on Monday to destroy Kharg Island, the main hub for Iranian oil exports, in the absence of a swift agreement to end hostilities and reopen the Strait of Hormuz "immediately".


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