Iran-Israel War: Closure of the Strait of Hormuz, Specter of Soaring Oil and Gas Prices

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Considered by Iran, the blockade of the maritime passage through which 20% of the world trade in these hydrocarbons passes would lead to a sharp rise in their prices and could provoke the ire of the Gulf and Western states.

Speedboats of the Basij paramilitary forces sail in the Persian Gulf during the IRGC maritime parade near the port city of Bushehr on April 29, 2024. (Morteza Nikoubazl/NurPhoto. AFP)

"Markets hate uncertainty." This sentence is repeated repeatedly in the financial sphere, whether among traders, bankers or investors. However, since the night of Saturday 21 to Sunday 22 June and the strikes against three Iranian nuclear sites by American B2 bombers, uncertainty has been more prevalent than ever. Especially since the Iranian Parliament, according to the local media Press TV, has reportedly agreed to the closure of the Strait of Hormuz in the Persian Gulf , through which 20% of the world's oil and gas trade passes. "Two strongmen of the regime, Mohsen Rezaï [former g

Iran - United States, Iran escalation Israel-Iran War Hydrocarbons