"Allowing Iran any form of control over the strait would be a red line. The priority has to be unimpeded access through the strait."
"Around 175 million barrels of crude and refined products are currently loaded onto 187 tankers in the Gulf, which could now start to move, depending on what happens in the strait."
"Several traders said they thought the situation in the coming days would resemble the system that has developed over the past fortnight, in which a handful of ships that have been approved by Iran are allowed to pass on a specific route."
"Martin Kelly, head of advisory at maritime intelligence group EOS Risk, said that there was 'no way' that the backlog of ships waiting to get out could be cleared in two weeks."
Iran's potential control over the Strait of Hormuz is concerning for Gulf states like Saudi Arabia, Qatar, and the UAE. Analysts warn this could shift Opec+ power dynamics, giving Iran a veto over rival oil exports. Saudi Arabia insists on unimpeded access to global markets, with a commentator stating that any Iranian control would be a red line. A recent drone strike on Saudi Arabia's East-West pipeline complicates the situation, as many ships are waiting to exit the Gulf, with limited transit approvals from Iran.
Read at Ars Technica
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