Iran's possible closure of Strait of Hormuz to affect Iraqi oil exports
Baghdad (IraqiNews.com) – Iraq will need to find alternatives to continue its seaborne oil shipments if Iran decides to close the Strait of Hormuz because of the recent developments in its war with Israel, which recently involved a US strike on Iranian nuclear facilities.
Iran has vowed to shut a vital oil shipping channel in retribution for the deadly strikes carried out by the United States on three of its nuclear facilities, a decision that could have a significant impact on the world economy.
The Iranian parliament decided on Sunday to close the Strait of Hormuz, a critical shipping lane responsible for transporting 20 percent of the world's oil and gas, in response to the US military operation known as 'Midnight Hammer.'
According to Iranian media, the parliament's decision is not binding, and the ultimate decision must be made by senior Iranian security authorities.
If Iran refused access to big tankers that transport oil and gas to major countries in Asia and Europe, oil prices would skyrocket, potentially destabilizing the world's economy.
The Iraqi Minister of Oil, Hayan Abdul-Ghani, confirmed that Iraq's oil production and exports have not been affected.
Iraq relies mostly on the Strait of Hormuz to transit the majority of its oil exports. Any disruption to this route might have major consequences for both Iraq's economy and the global energy market.
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