The escalation between Israel and Iran has significant effects on global oil markets and could jeopardize oil supplies. A central issue in this conflict is the Strait of Hormuz, one of the world’s most important trade routes, which handles a large portion of global oil shipments.
The Importance of the Strait of Hormuz
The Strait of Hormuz is a waterway between the Persian Gulf and the Gulf of Oman. It is bordered to the north by Iran and is the narrowest passage for oil transportation from the Gulf States. The narrowest point between the mainland coasts is only about 55 kilometers, making it a critical point for global energy supply.
Possible Impact of a Blockade
A blockade of the Strait of Hormuz by Iran could have significant impacts on global oil markets. Economists warn of a rise in oil prices up to 100 dollars per barrel, which would directly affect consumer prices. Furthermore, gas prices could also rise, as energy supply chains would be severely disrupted.
Warnings and Reactions
The President of the Federal Association of Wholesale, Foreign Trade, Services, Dirk Jandura, has warned of far-reaching consequences of the escalation for the world economy. He emphasizes that a blockade of the Strait of Hormuz would have immediate effects on Western industrialized nations.
The Foreign Office advises against traveling to the Gulf region, as tensions between Israel and Iran continue to escalate. Iran’s Supreme Leader, Ayatollah Ali Khamenei, has announced retaliation for Israeli attacks, further exacerbating the situation.
Diplomatic Efforts
The President of the European Commission, Ursula von der Leyen, has discussed the situation with Israeli President Isaac Herzog and called for maximum restraint. She emphasizes the need for diplomatic efforts to prevent further escalation.
Overall, a blockade of the Strait of Hormuz could have significant economic and political consequences that would strongly affect not only the region but also the global economy.