Now we are going to get to see what really happens to the global economy when the Strait of Hormuz is completely closed for an extended period of time. Before the war, approximately 45 percent of all Asian oil imports traveled through the Strait of Hormuz. The Chinese normally get more oil from the Middle East than anyone else, and the amount of crude oil that they have been importing has collapsed. That is not sustainable for the Chinese, and they are getting very angry. At the same time, relentless drone attacks on Russia’s energy infrastructure have forced the Russians to buy gasoline from India. If the Strait of Hormuz remains completely closed for months, global energy supplies will get extremely tight and the price of oil will go into unprecedented territory.
On Monday, the world was shocked when two oil tankers from the United Arab Emirates were struck by Iranian cruise missiles…
Iranian cruise missiles hit two oil tankers in the Strait of Hormuz, killing one crew member and injuring eight, the United Arab Emirates’ Ministry of Defense said Monday.
The attacks took place when the tankers — Mombasa and Al Bahiyah — were sailing through the strait’s southern shipping lane, which hugs the coast of Oman, the defense ministry said. Iran has insisted that commercial ships use a separate lane near the Iranian coastline and seek permission from Iranian authorities. Iran has not publicly commented on the apparent attacks.
The deceased crew member and six injured crew members were Indian nationals, and two of those injured were from Ukraine, according to the United Arab Emirates.
The Iranians have warned that any commercial vessels that attempt to travel through the Strait of Hormuz without their permission are subject to attack, and they were not bluffing.