The reported sinking of several Iranian warships by US missiles in the Gulf of Oman serves as a reminder of the maritime aspect of the conflict which began February 28 with a barrage of Israeli and American missiles targeting Iran. Two other vessels, believed to be tankers, have also been reported as having been hit by missiles, of an as yet undetermined source, in the vicinity of the strait of Hormuz, underlining the importance of this vital shipping lane – which is likely to play an key part in all sides’ calculations.
Full details have yet to emerge of the incidents. But there are already signs that the strait will become a major focus of concern because of the huge implications should the conflict disrupt maritime traffic through this the narrow outlet of the Persian Gulf. Ships crossing the strait of Hormuz carry around one-fifth of global oil supplies. That’s about 20 million barrels per day. This makes the strait the most critical energy chokepoint.
There are a small number of strategic passageways, or chokepoints on which global trade depends and which are vulnerable to disruption. Any disruption reverberates instantly through global markets and supply chains. With conflict raging in Iran and attacks across the Middle East, traders, governments and businesses will be watching oil prices closely as the markets open.
