Word: hormuz
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...Felicity is one of about 16 tankers chartered by Iran to ferry oil from Kharg to a terminal at Larak island in the mouth of the Strait of Hormuz...
Reagan also tried to allay fears that, as the Iran-Iraq war heats up, he will send U.S. forces to the Persian Gulf to keep the Strait of Hormuz open. How likely is direct American intervention? "I can't foresee that happening," Reagan replied...
...value) for ships sailing to Kharg Island. In Geneva, Saudi Arabia's Oil Minister, Sheik Ahmed Zaki Yamani, declared: "What we are afraid of is that Lloyd's might cancel insurance for navigation in the gulf, and this would be equal to closing the Strait of Hormuz." Lloyd's denied the likelihood of such a cancellation. In any event, the world, and particularly the U.S., is nowhere near as dependent on gulf oil as it was ten or even five years ago. But a cutoff would still work a considerable hardship on Japan and several West European...
Fortunately, the world is nowhere near as dependent on gulf oil as it was ten or even five years ago. Constantine Fliakos, a senior oil-trade analyst at Merrill Lynch, Pierce, Fenner & Smith Inc., notes that the closing of the Strait of Hormuz would no longer be a major threat to most Western economies. "We are in a different world now," he says. The U.S. currently imports only 3% of its oil from the gulf, compared with 13% in 1979. The general view is that if the gulf's present output of 7 million to 8 million...
...early last week when a Kuwaiti-owned tanker of medium size, the Umm Casbah, was hit by rockets after leaving the Kuwaiti port of Mina al-Ahmadi. The Britain-bound ship was only slightly damaged, and after an emergency stop at Bahrain it sailed on toward the Strait of Hormuz with its cargo of fuel oil. The same evening, Iraq declared that it had not fired on gulf shipping for four days. If true, it could only mean that Iran had joined the tanker war at last...