Tanker traffic around the Strait of Hormuz has reportedly stopped – what if it stops completely?
The IRGC has issued an order to fully close the Strait of Hormuz,. saying that “violators will be neutralized.” Iran has used the threat of blocking one of the main arteries of world oil trade as a lever of pressure against Israel’s allies before. But it has never actually followed through with a real blockade. The prospects of such a move are clear: a massive energy crisis and a sharp spike in oil and LNG prices. This would painfully impact the economies of both Europe and the U.S. Rising energy costs put pressure on government budgets. Tehran, lacking the strength and means for a symmetrical military response to the U.S. […]