Oct. 20 (Reuters) – The war between Israel and Hamas has raised concerns of a broader regional conflict that could involve Iran and other regional factions.
Analysts and market participants say the dispute could prompt the United States to tighten sanctions against Iran, which could prompt Tehran to retaliate against ships in the Strait of Hormuz.
The Marshall Islands flag, one of the world’s leading shipping flags, announced last week that ships with ties to Israel or the United States could face an increased threat of attack in Israeli territorial waters, the Gulf of the Middle East, the Strait of Hormuz, the Gulf of Oman, and within the Gulf of Oman. I warned you that there is. Red Sea region.
Below are details about the Strait.
What is the Strait of Hormuz?
* This strait lies between Oman and Iran.
* It connects the Gulf in the north with the Gulf of Oman in the south and the Arabian Sea beyond.
* It is 21 miles (33 km) wide at its narrowest point, and the channel is only 2 miles (3 km) wide in either direction.
*The United Arab Emirates and Saudi Arabia have been exploring other routes around the strait, including building additional oil pipelines.
Why is it important?
* About one-fifth of the world’s total oil consumption passes through the Straits every day. An average of 20.5 million barrels per day (bpd) of crude oil, condensate and petroleum products passed through Hormuz from January to September 2023, according to data from analytics firm Vortexa.
*OPEC member countries Saudi Arabia, Iran, UAE, Kuwait, and Iraq export most of their crude oil through the Strait.
*Qatar, the world’s largest exporter of liquefied natural gas (LNG), sends almost all of its LNG through the strait.
* About 80 million tonnes, or 20% of the world’s LNG flows, pass through the strait each year, according to Vortexa.
“If the conflict escalates to the closure of the Strait of Hormuz, the world’s busiest oil shipping route, oil trade in the region will come to a halt and oil prices will soar,” JPMorgan said in a note this week. mentioned in.
“Importantly, Iran has threatened to close the strait for years, but never did so,” the bank added.
Impact of US sanctions
*The United States has imposed sanctions aimed at halting oil exports to Iran.
*Iran has threatened to block oil shipments through the Strait of Hormuz if the United States tries to squeeze its economy.
* The U.S. 5th Fleet, based in Bahrain, is tasked with protecting commercial shipping in the region.
rising tension
*The Israeli military is preparing for a ground invasion aimed at annihilating Hamas, increasing the risk of the conflict escalating.
*Iranian Foreign Minister Hossein Amirabdollahian on October 18 called on Islamic countries to impose an oil embargo and other sanctions on Israel, although OPEC officials denied such a scenario.
* In 1973, Arab producing countries led by Saudi Arabia imposed an oil embargo on Western countries supporting Israel in its war with Egypt, targeting Canada, Japan, the Netherlands, the United Kingdom, and the United States.
*At that time, Western countries were the main buyers of crude oil produced by Arab countries, but now Asia is the main buyer of OPEC crude oil.
past incident
* During the 1980-1988 Iran-Iraq War, both countries attempted to disrupt each other’s oil exports in what was known as the Tanker War.
* In July 1988, the USS Vincennes shot down an Iranian airliner, killing all 290 people on board, but Washington claimed it was an accident and the Iranian government claimed it was a deliberate attack.
*In early 2008, the United States announced that Iranian warships had threatened three U.S. Navy ships in the Strait.
* In July 2010, the Japanese oil tanker M-Star was attacked in the strait by an al-Qaeda-linked extremist group called the Abdullah Azzam Brigades, which claimed responsibility.
*In January 2012, Iran threatened to close the strait in retaliation for U.S. and European sanctions targeting oil revenues to thwart Iran’s nuclear program.
*In May 2015, Iranian ships seized a container ship in the strait and opened fire on a Singapore-flagged tanker, causing damage to an Iranian oil platform.
– In July 2018, President Hassan Rouhani suggested that Iran could disrupt oil trade through the strait in response to US demands to reduce Iranian oil exports to zero.
– In May 2019, four ships, including two Saudi oil tankers, were attacked off the UAE coast near Fujairah, one of the world’s largest refueling hubs just outside the Strait of Hormuz.
*In January 2021, Iran seized a South Korean-flagged tanker in Gulf waters and detained the crew.
*In December 2022, the U.S. military announced that an Islamic Revolutionary Guard Corps naval boat came within 150 yards of a U.S. warship in the Strait.
*In May 2023, Iran seized two oil tankers while transiting the Strait.
*In July 2023, the U.S. Navy announced it had intervened to prevent Iran from seizing two civilian tankers in the Gulf of Oman. The navy statement said that since 2021, Iran has “harassed, attacked, and seized approximately 20 internationally-flagged commercial vessels.”
Report by Ahmad Ghaddar.Editing: Susan Fenton
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