Tehran is threatening to block the Strait of Hormuz, a crucial artery for oil shipments from the Middle East, if Iranian exports are hampered. This will result in a huge loss of global crude supply and soaring prices.
Most of the crude exported from Saudi Arabia, Iran, the United Arab Emirates, Kuwait, and Iraq passes through the Strait of Hormuz. It is also the route for nearly all the liquefied natural gas (LNG) shipments from the world’s largest exporter, Qatar.
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