Drivers facing yet another leap in fuel prices
The conflict between Israel and Iran could push petrol prices up for drivers if the Islamic Republic acts on its threats to block a key global shipping lane.
Iran is considering closing the 30-mile-wide Strait of Hormuz, which links the Persian Gulf to the Arabian Sea, in retaliation against Israel's attacks, according to Iranian parliamentarian Esmail Kosari.
The strait, which is jointly controlled by Iran and Oman, is a vital artery for the world's fossil fuels. A fifth of all oil shipments pass through it, as well as a third of all liquefied natural gas. The conflict between Israel and Iran could push petrol prices up for drivers if the Islamic Republic acts on its threats to block a key global shipping lane. Pic: Shutterstock
Closing it or disrupting the flow of ships, as Iran has threatened in the past, would strangle the supply of oil and gas on global markets, increasing the price of fuel.
A blockade would also put pressure on the Irish economy and people's wallets as consumers and firms absorb higher energy costs. Closing it or disrupting the flow of ships, as Iran has threatened in the past, would strangle the supply of oil and gas on global markets, increasing the price of fuel. Pic: Shutterstock
While it would be hard for Iran to close the strait entirely, it could disrupt oil shipments by attempting to seize tankers that strayed into its waters. Shipping firms are already reluctant to pass through. Frontline, the world's fourth-largest oil tanker firm, is refusing contracts that use the strait.
Brent crude, an international oil benchmark, surged to around $74 a barrel after Israel's attacks on Friday – the highest price in more than two months. But this could go up further if Iran closes the strait.
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