
"On March 2, Ebrahim Jabari, a senior adviser to the commander-in-chief of Iran's Islamic Revolutionary Guard Corps (IRGC) announced that the strait was closed and if any vessels tried to cross it, the IRGC and the navy would set those ships ablaze. The move sent oil prices soaring above $100 per barrel from a pre-war price of about $65."
"Iranian Foreign Minister Abbas Araghchi told the US television network CBS on Sunday that Tehran had been approached by a number of countries seeking safe passage for their vessels and this is up to our military to decide. He added that a group of vessels from different countries had been allowed to pass, without providing details."
"One-fifth of the world's oil shipments transit through the strait. A barrel of Brent crude, the international benchmark, was up 2.5 percent at $105.70 on Monday. That is more than 40 percent higher than before the war began on February 28."
Iran has implemented a selective blockade of the Strait of Hormuz, permitting vessels from specific nations while denying passage to US and allied ships. This critical waterway handles one-fifth of global oil shipments. On March 2, an IRGC senior adviser announced the strait's closure and threatened to set unauthorized vessels ablaze. Oil prices responded dramatically, rising from pre-war levels of $65 to over $105 per barrel, representing a 40 percent increase since February 28. Iranian Foreign Minister Abbas Araghchi confirmed that multiple countries have requested safe passage, with decisions delegated to military authorities. Pakistan, India, and other nations have reportedly received permission for vessel transit through the strait.
#strait-of-hormuz-blockade #oil-price-surge #iran-sanctions #global-energy-crisis #selective-vessel-passage
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]