#Strait
Latest news and updates about Strait.
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Latest news and updates about Strait.
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Iran on Thursday allowed Indian-flagged vessels to pass safely through the Strait of Hormuz, even as maritime traffic through the strategic waterway has slowed sharply following the US-Israel strikes on Iran, according to a report in The Economic Times. Despite allowing Indian-flagged vessels to pass, Iran has warned that ships seeking to transit the Strait of Hormuz must obtain its approval, failing which they could be targeted. Meanwhile, the US Department of Energy said it plans to release 172 million barrels from the Strategic Petroleum Reserve starting next week, as oil markets react to volatility triggered by the conflict and fears of supply disruptions through the Strait of Hormuz.
The ongoing war between US-Israel and Iran has almost brought tanker traffic through the Strait of Hormuz to a standstill, causing sharp swings in oil prices and underlining how crucial the narrow waterway is for global energy supplies, reported AP . 3 million barrels per day of crude oil transported through the Strait were bound for Asian markets, while only 16% was destined for Europe and other regions. Around one-third of the global seaborne fertiliser trade, about 16 million tonnes annually, also passes through the waterway, UNCTAD said.
