The Persian Gulf island, targeted by U.S. strikes, is home to Iran’s main oil export terminal. Any disruption could jolt global energy markets.
Geography and regional rivalries have prevented Gulf countries from finding a true alternative to the strait, which the war with Iran has effectively shut down.
The Persian Gulf island, targeted by U.S. strikes, is home to Iran’s main oil export terminal. Any disruption could jolt global energy markets.
Defense Secretary Pete Hegseth said that the disruptions in the Strait of Hormuz were “something we are dealing with.” And about 2,500 Marines were headed to the Middle East to bolster the war effort.
Four years after the Russian invasion of Ukraine sent energy prices soaring, the war in Iran is posing another challenge to efforts to revive European factories.
Treasury Secretary Scott Bessent said it was “unfortunate” that the move could benefit Russia, but maintained that it was only for the short term.
India relies on huge quantities of cooking gas that is normally shipped from the Persian Gulf.
The threats to shipping in the Strait of Hormuz are complicating President Trump’s calculations about how and when to end the war.
With attacks and threats, Tehran is using the world’s most important transit point for oil and gas as leverage against its enemies.
The price of jet fuel and diesel has surged since the war in Iran began, which could force airlines and trucking companies to pass on higher costs to their customers.