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The current conflict between Israel and Iran could plunge the entire global economy into recession if Iran carries out its previous threats to block the Strait of Hormuz.
Strait of Hormuz – This sea strait is the most important shipping route for transporting oil. Hormuz between Oman and Iran connects the Persian Gulf and the oil-exporting states of Bahrain, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates to the Indian Ocean.
Tankers arrive here from many countries around the world. Most carry crude oil from the Persian Gulf region to Europe, Asia, and North America. The most important point of this route is the one between the Persian Gulf and the Gulf of Oman, the narrowest strip with a width of 55 kilometers, and the navigation lane for large ships is only 3.7 kilometers.
The Strait of Hormuz is key to securing Iran's strategic interests in the region.
Even in the past, in the context of international sanctions against Iran, Tehran has repeatedly threatened to close the Strait of Hormuz. The same could happen in the current conflict. Dawood Nazirizadeh, an economic expert from Tehran, emphasizes that: “If the Strait of Hormuz is involved in this war, it is a great danger for the entire world economy. The Iranian government considers this sea route as the main key to securing strategic interests in the region south of Iran and the Persian Gulf. If something happens in this direction, this would be a great threat to the world economy as a whole.”
One-fifth of the world's oil consumption is transported through the Strait of Hormuz.
Hormuz ranks second among the world's most important oil transportation routes, after the Strait of Malacca and the Suez Canal.
A loss from the blockade of this sea route as a result of the current conflict would be difficult to compensate for. The consequence would be an increase in the price of oil and gasoline, which have already become more expensive in recent days.
It could also create bottlenecks in the supply chain for many oil products. The disruption of this chain could create difficulties for the economy in many countries around the world./DW
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