MenuAfter U.S.-Israeli combat operations began against Iran on Saturday, February 28th, global energy prices surged as the Iranian Revolutionary Guard Corps announced that passage through the Strait of Hormuz was “not allowed.” This narrow body of water (the navigation channel is only two-miles wide) moves 20%-30% of the world’s supply of crude oil and liquified natural gas every day, including the majority of exports from major hydrocarbon-producing countries in the Persian Gulf. Commercial vessels are now avoiding passage through the Strait. On Monday, Iran announced that any ship trying to pass would be attacked. If these disruptions persist through a prolonged blockade, they will seriously threaten global energy supplies.
Read the full article here.