Another unpleasant development in the Middle East, with Iran moving to close the Strait of Hormuz, putting the global economy on alert , while the consequences for Greek shipping are expected to be immediate.
In particular, according to international media, the closure of the Straits was approved by the Iranian parliament , with the British news agency Reuters, citing the Iranian Press TV, noting that the Supreme National Security Council is called upon to finalize the specific decision. This information was reportedly confirmed by Major General Kowsari, a member of the National Security Committee of the Iranian parliament.
The Strait of Hormuz, located between Oman and Iran, is the world’s most important sea passage for the transport of oil by sea . More than 20% of the world’s oil production passes through this passage daily, which connects the Persian Gulf with the Indian Ocean . For example, according to the US Energy Information Administration (EIA), in 2022 the flow of oil through the Strait was on average 21 million barrels per day.
The first thing that will “explode” will be the price of oil , with experts predicting even a doubling in the price of a barrel, estimating that it will cost a minimum of 120-130 dollars and that it is possible that it will reach 150 dollars. In addition to the subsequent increases in the price of fuel, however, hundreds of other products and services are expected to “automatically” increase in price .
