Warning from Iraq: Closing the Strait of Hormuz would paralyze oil exports and confuse the world.
Warning from Iraq: Closing the Strait of Hormuz would paralyze oil exports and confuse the world.
2025-06-17 01:30
Shafaq News/ Economic expert Hilal Al-Taan confirmed on Tuesday that closing the Strait of Hormuz would paralyze the entire Gulf region and limit oil exports to the global market.
Al-Taan told Shafaq News Agency, “Closing the Strait of Hormuz, or considering closing it, will reduce traffic through it, and thus paralyze the entire Gulf region in particular, and the rest of the world in general.”
He added, “The consequences of this closure will be a reduction in oil exports and an increase in shipping and insurance costs. It will also disrupt goods, especially from the port of Jebel Ali in the UAE.” He added, “Some countries depend heavily and almost entirely on oil for their revenues, such as Iraq, Kuwait, and Bahrain.”
About one-fifth of the world’s total oil consumption passes through the Strait of Hormuz—approximately 18 to 19 million barrels per day of oil, condensates, and fuel oil, and approximately 11 billion cubic feet per day of liquefied natural gas.
The Islamic Republic News Agency (IRNA) quoted Esmail Kowsari, a member of the parliament’s security committee, as saying that Iran is seriously considering closing the strategic Strait of Hormuz.
The Strait of Hormuz is a narrow shipping lane in the Gulf region, constituting the outlet for its oil to the outside world. It is known as the lifeline of the industrialized world, and two-thirds of the world’s oil production passes through it.
shafaq.com
