International Desk Report:
Amid rising military tensions in the Middle East, the Islamic Revolutionary Guard Corps (IRGC) has announced the partial closure of the Strait of Hormuz, one of the world’s most important waterways. The organization said that the passage will be closed to ships from the United States, Israel, Europe and their allies.
On March 5 (Thursday), the IRGC, citing Iran’s state broadcaster Islamic Republic of Iran Broadcasting (IRIB), said that Iran has the right to control shipping in the Strait of Hormuz in light of international law and wartime conditions.
The IRGC said in a statement, “It was previously announced that the Islamic Republic of Iran has the right to control navigation in the Strait of Hormuz in accordance with international law and wartime regulations.” The organization also warned that any ships from the United States, Israel, Europe and their supporting countries seen in the area will be considered potential targets.
Impact of the war situation:
Tensions have intensified across the region since the United States and Israel launched a joint military operation against Iran last Saturday. International shipping sources said that shipping traffic in the Strait of Hormuz has decreased significantly in this situation. In the meantime, there has been instability in various energy markets around the world. The price of international oil benchmark ‘Brent Crude Oil’ has started to rise rapidly and there have been concerns about fuel supplies.
Important route for the global economy:
One of the world’s most important energy transport routes, the ‘Strait of Hormuz’ is a large amount of crude oil and liquefied gas exported to the world market every day from the oil-rich countries of the Middle East – Saudi Arabia, Iraq, Kuwait, the United Arab Emirates and Qatar.
According to international energy agencies, about 20 percent of the total oil transported by sea in the world every day is transported through this route. As a result, even a small tension here can have a major impact on global energy supplies.
International concerns:
The situation is causing increasing concern among international shipping companies and the energy market. Many ship owners are trying to find alternative routes, although in reality there are very limited effective alternatives to the Strait of Hormuz.
According to analysts, if tensions in this waterway increase further or are completely closed, then oil prices in the world market may increase further and there is a risk of new instability in the global economy.