Israel’s strike on Iran and Tehran subsequent retaliation fuel fears of Strait of Hormuz trade disruptions as IEA prepares global oil reserves.
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Israel’s strike on military and nuclear sites, and Iran’s retaliation, have rocked already strained global supply chains.
As airlines suspend flights to Tel Aviv, Tehran and other airports across the region, oil companies, shipping firms, and regulatory agencies are scrambling amid growing concerns that key trade routes like the Strait of Hormuz could be caught in the crossfire.
Merchant shipping is still passing through the Strait of Hormuz, but with increased caution. Iran has previously threatened to close this critical trade route in response to Western pressure. Even the suggestion of such a move has already sent shockwaves through global markets, and the price of oil has risen.
