Word: hormuz
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Dates: during 2000-2009
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...President Joe Biden that were widely interpreted as a green light to Israel to bomb Iran's nuclear facilities. Many in the industry have long viewed such an attack as a prelude to a nightmare in global energy markets: Iran retaliating by sinking oil tankers in the Strait of Hormuz, blocking the route by which most Persian Gulf oil travels to world markets. "We will be in deep, deep trouble," says Leo Drollas, deputy director and chief economist of the Center for Global Energy Studies in London. "The market will go berserk...
...that possibility that's causing anxiety among oil analysts who believe that the quickest asymmetrical means for Iran to react to a military threat would be to disrupt oil delivery. At least 20% of the world's entire oil supply passes through the narrow Strait of Hormuz that runs between Iran and the United Arab Emirates and Oman. Qatar, Kuwait and the U.A.E. ship all their oil through the waterway, while Saudi Arabia - the world's biggest producer - exports half its oil through the strait, the remainder going overland through a pipeline. Since the strait's narrowest point is just...
Both countries are hugely dependent on the petroleum deliveries that course through the Gulf of Aden and Strait of Hormuz to their ports. Defending those supplies is one reason both are building bigger and bigger navies. China's navy, with more than 300 ships, may in fact soon surpass the U.S.'s as the world's largest. Beijing is certainly sparing little to stock its ships with armaments. India, in the meantime, is acquiring several nuclear-powered submarines to augment its 155 military vessels in the ocean that bears its name...
...know we are always very warmly welcomed," says Muhammad Saleem Mazhar, director of the Center for South Asian Studies at the University of Punjab in Lahore. Various Chinese-funded projects are also currently underway to boost Pakistan's infrastructure, including the development of a port on the Strait of Hormuz at Gwadar...
...toward Iran, the most direct route to restoring its influence in the Middle East. An Iranian-Russian alliance, Moscow knows, would be an Israeli-American nightmare, not to mention a major headache for the global economy. Russia sitting on Eurasian oil exports and Iran on the Strait of Hormuz would put 22 million bbl. a day under the control of a very unfriendly alliance. Will Moscow try to team up with Tehran...