How the Strait of Hormuz, a narrow stretch of water where ships transport $1.2 billion worth of oil every day, is at the heart of spiraling tensions with Iran
|07/11/2019||Posted by BusinessMediaguide.Com under General World News||
- Recent tensions with Iran were triggered near the Strait of Hormuz, where two oil tankers exploded and Iran shot down a US drone last month.
- The narrow strait is the most important chokepoint for the world’s oil supply. Some 21 million barrels — or $1.197 billion worth of oil — pass through the strait every day.
- Iranian President Hassan Rouhani threatened last month that he would close the strait amid ongoing tensions.
- Strained relations between Iran and the rest of the world could lead to Tehran closing the strait, which would disrupt global oil supply and send prices shooting up.
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