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.
A fifth of the world’s oil passes through the strait, making it a critical choke point in global commerce.
Oil prices surged on Thursday after ships came under attack in the Persian Gulf, and Iran’s supreme leader vowed revenge for U.S. and Israeli airstrikes.
The economic fallout of the US-Israeli assault and Tehran’s retaliation is spreading fast, and pushing the most vulnerable towards disasterSoaring prices at the pump, the scrapping of mortgage deals, and the prospect of higher prices for everything fro…
Mojtaba Khamenei struck a defiant tone and signaled that Iran would not back down in a war that has spread across the Middle East.
Conflict is forcing producers to slash production and close ports as Iran steps up attacks on energy infrastructure.
The United States said this week that it had attacked 16 Iranian mine-laying vessels near the Strait of Hormuz. In the 1980s, Iranian mines damaged oil tankers and a U.S. Navy warship.
The move aims to prevent prices from rising further because of the war in the Middle East.