Hormuz Strait … the artery of global energy markets

The Strait of Hormuz occupies a very important strategic location in the global energy industry, as it is a vital artery linking the Arabian Gulf to the Gulf of Oman and from it to the Arabian Sea, so the Indian Ocean.

As tension escalated in the region following the American attack on nuclear facilities inside Iran, the Iranian parliament voted in favor of a resolution to close the strait, and delegated the Supreme National Security Council to make the final decision.

On the other hand, US Secretary of State, Marco Rubio, considered that such a step would be a “economic suicide” for Iran.

Geographically, the Strait is located between Iran to the north, and both the United Arab Emirates and the Sultanate of Oman in the south. Its length is about 161 km, while its width is about 32 km in the narrowest point, as navigational corridors are devoted to a width of more than 3 kilometers per direction, according to international navigation standards.

As for the economic point of view, the strait is one of the most important waterways for energy flows in the world, through which about 20% of global oil consumption passes through it.

11.1% of the total global maritime trade passes through the strait, and is one of the most famous waterways in the world, as it is the “most important corridor for transporting oil in the world”, according to the US Energy Information Administration (EIA).

Reuters reported that the Iranian parliament agreed, on Sunday, to close the Strait of “Hormuz”, but media outlets indicated that the final decision depends on the approval of the highest security commission in Tehran, the Supreme National Security Council in Iran.