Iran's closure of the Strait of Hormuz is an international crisis

"For more than two weeks now, maritime traffic through the Strait of Hormuz has been disrupted. Several vessels have been attacked, and many others have been stuck on the two ends of the strait, unwilling to take the risk of passing through."

"About 20 percent of the world's petroleum and nearly a fifth of global liquified natural gas (LNG) flows pass through it. For this reason, the Strait of Hormuz is one of the world's most strategically significant maritime corridors."

"Iraq, the world's sixth-largest oil producer, has had to cut production of oil in the oil-rich region of Basra by 70 percent, from 3.3 million barrels per day (bpd) to 900,000bpd, as the majority of its exports pass through the strait."

"As a result of these disruptions, oil prices have soared to nearly $120 per barrel."

The Strait of Hormuz has faced severe disruptions due to attacks on vessels, affecting regional and global oil and gas markets. Approximately 20% of the world's petroleum and liquefied natural gas flows through this critical corridor. Major energy companies have invoked force majeure, and Iraq has drastically cut oil production. Saudi Arabia and the UAE have also had to shut down refineries and reroute oil supplies. Consequently, oil prices have surged to nearly $120 per barrel, highlighting the strait's strategic significance and the need for urgent action.

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