Oil prices rise after Israel attack: concerns about the Strait of Hormuz

Oil prices rise after Israel attack: concerns about the Strait of Hormuz

The tense conflict between Israel and Iran has put global markets on alert, particularly regarding the potential impact of an escalation in the Strait of Hormuz. This strategically important waterway is crucial to global oil and gas trade, as 21 percent of the world's crude oil transport passes through it. If Iran takes action to disrupt or even block shipping traffic in the Strait of Hormuz, it could trigger a widespread crisis that would severely impact the global economy.

Experts around the world are speculating about the possible consequences of such a scenario. A possible closure of the Strait of Hormuz due to tensions between Israel and Iran would likely cause oil and gas transportation costs to rise dramatically. The greatest impact would be felt in Asia, as this region sources a significant portion of its oil needs from the Persian Gulf.

The question of whether Iran would actually close the Strait of Hormuz is difficult to predict, as it would also hinder its own oil exports. Nevertheless, Iran could put pressure on its neighbors to increase oil prices and achieve geopolitical goals. In the event of further escalation, oil prices could rise significantly, potentially reaching triple-digit levels, which would have a significant impact on the global economy.

Despite the current tensions and concerns about possible escalation, experts emphasize that it is currently unlikely that a long-term stop in the flow of oil from the Persian Gulf will occur. This is a glimmer of hope that could prevent economic catastrophe as long as critical oil supplies continue to be guaranteed.