Oil, LNG, fertilisers and maybe diamonds: What is at risk from Iran’s wider blockade threat
Iran has threatened to expand its blockade of regional trade beyond the Strait of Hormuz in response to US naval actions. This escalation risks disrupting global energy supplies, as the region accounts for a significant portion of the world's crude oil and petroleum exports.
Why it matters
A wider blockade could trigger a global energy crisis and significantly spike oil prices, impacting economies worldwide.
Just as global energy supplies were beginning to stabilise after nearly four months of disruption, Iran has issued a fresh warning over the Strait of Hormuz. This time, however, the threat could extend far beyond the waterway.As tensions in the Middle East intensify again, Iran has warned that it could expand efforts to disrupt regional trade beyond the Strait of Hormuz, raising concerns over the movement of some of the region’s most important exports.Iran’s Islamic Revolutionary Guard Corps (IRGC) said it could close “all other export corridors that benefit the US and its allies”, according to Iranian media.
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