Explainer: Why Iran closing the Strait of Hormuz matters
Iran's Revolutionary Guards Corps has closed the Strait of Hormuz, a critical waterway through which 20 percent of the world's oil consumption passes—approximately 20 million barrels daily. The strait, used by major Middle Eastern oil and gas producers, is just 33km wide at its narrowest point. Its closure would wipe 19 billion barrels off the global market.Iran has been targeting regional energy infrastructure, causing oil and gas prices to soar. In its latest attack, it struck an oil tank in an Omani port with a drone; no casualties were reported. Iran is also striking Israel, with interceptions reported in Tel Aviv, West Jerusalem, and El Baib. Israel has responded by targeting Tehran and Beirut and deploying additional forces to southern Lebanon.
Al Jazeera’s Ume Kulsoom Shariff explains the impact.
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