#strait-of-hormuz

#strait-of-hormuz

From 28 March, Prime Minister Mostafa Madbouly announced that emergency energy-saving measures will run for one month to reduce consumption and ease pressure on supplies.

The UAE is advocating for a broad international coalition and is working with Bahrain on a proposed United Nations Security Council resolution to provide legal backing for the force.

In normal times, tankers carry about a fifth of the world's oil and gas supplies through the narrow channel and on to the rest of the world, while about a third of the global fertilisers necessary for half of the world's food production pass through in dry bulk vessels.

The closure of the Strait of Hormuz, a critical corridor for global oil and gas trade, has led to a significant surge in oil prices across Asia, Europe, and the United States, affecting consumers at fuel pumps worldwide.

The US-Israeli war on Iran will have a profound impact on the global energy markets, sending the price of Brent crude oil soaring to nearly $120 per barrel.