Word: hormuz
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...Gulf regimes should strike fear into the hearts of all the Middle Eastern people particularly, and in general of all the people around the world hurt by the oil shocks of the 1970s (which means everyone) Iran has reserved to itself the right to close the critical Straits of Hormuz, through which 60 percent of the West's oil flows. The fanatic ideologues behind the revolutionary Iranian regime would not be averse to a hobbling of the industrial world, especially if such action sent the price of crude through the roof and actually increased Iran's total revenue from...
...between Iraq and Iran, the Iraqis had decided to make good on a longstanding threat to close down Iran's biggest oil-exporting terminal. If that happens, the Iranian government of Ayatullah Ruhollah Khomeini has threatened to retaliate by blockading the 40-to-60-mile-wide Strait of Hormuz, through which 20% of the non-Communist world's crude oil passes. Such a closure, in turn, could widen the war considerably. President Reagan declared only two weeks ago, "There is no way we could stand by and see that sea-lane denied to shipping...
...back up its commitment to keep the Strait of Hormuz open, has four ships in the Gulf, in addition to a 30-ship flotilla, led by the aircraft carrier Midway, in the Indian Ocean. Early last week the U.S. destroyer Lawrence, on duty near the entrance to the strait, fired warning shots when an unidentified vessel crossed its bow at a distance of about a mile. That same day the Lawrence fired into the air in front of a low-flying Iranian patrol plane and broadcast a warning to an Iranian frigate after the plane and the ship came within...
There is no way that we could stand by and see that sea-lane denied to shipping." So said President Reagan last week, referring to growing concern that fighting between Iran and Iraq could close the 40-to 60-mile-wide Strait of Hormuz, the Persian Gulf shipping lane through which 20% of the West's crude oil travels. That threat grew more worrisome as Iran launched yet another offensive, its biggest since July 1982, against Iraq. By week's end Iranian forces had occupied 37 Iraqi border villages, and were engaged in fierce hand-to-hand battles...
...1970s when up to 60% of the world's oil supplies moved through its waters. Today that figure is considerably smaller. Indeed, Iran would have the most to lose if shipping were interrupted: it currently exports 2.6 million bbl. per day through the Strait of Hormuz. That crude is expected to bring Iran more than $24 billion this year, half of which would go to finance Iran's war with Iraq...