9 hours ago
5 facts on Strait of Hormuz, the focal point of global oil trade
Social media users on Monday shared photos claiming that three ships caught fire in the Gulf of Oman, near the Strait of Hormuz. While the authorities are yet to confirm these claims, here's five facts about what is the Strait of Hormuz and its significance.
The strait of Hormuz is located between Iran and Oman and links the Gulf north of it with the Gulf of Oman to the south, and the Arabian Sea beyond. It is used for exporting crude oil to Asia by members of the Organization of the Petroleum Exporting Countries (OPEC) including Saudi Arabia, Iran, the United Arab Emirates, Kuwait, and Iraq. Meanwhile, Saudi Arabia and the UAE have found other routes to bypass the strait.
According to the US Energy Information Administration, about 20 percent of global oil consumption flows through the strait, and is the 'world's most important oil transit chokepoint'.
Also read: Gulf of Oman: Ships on fire near Strait of Hormuz amid Israel-Iran conflict? Photos emerge
In terms of its width, the strait is 33 kilometers wide at its narrowest point, with the shipping lane just three kilometers wide in either direction. According to the US Energy Information Administration, the shipping lanes in the waterway are even narrower, making them vulnerable to attacks and threats of being shut down.
Over the years, Iran has threatened to block the Strait but has never gone through with the threat. If Iran decides to block the Strait of Hormuz, which is a key route for global oil shipments, the global oil prices could go higher.
In 2024, Iran's Islamic Revolutionary Guard Corps seized an Israel-linked container ship near the Strait of Hormuz. Notably, the Israeli-linked cargo ship named 'MSC Aries' had 17 Indians on board.
