Iran has announced that the Strait of Hormuz will remain closed following the Israeli attacks, which it describes as a violation of previous agreements. The announcement risks having far-reaching consequences for global trade and the energy market, while the conflict in the Middle East continues to escalate.
The Strait of Hormuz is one of the world’s most important shipping lanes. A significant portion of global oil exports passes through the narrow strait between the Persian Gulf and the Gulf of Oman. When traffic is halted, it affects not only regional stakeholders but also energy prices, transportation, and economies around the world.
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