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NDTV
4 days ago
- Business
- NDTV
All About The Strait Of Hormuz: World's Most Important Oil Artery
Israel launched strikes against Iran on June 13, saying it targeted nuclear facilities, ballistic missile factories and military commanders during the start of a prolonged operation to prevent Tehran from building an atomic weapon. Iran, which has denied such intentions, has in the past threatened to close the Strait of Hormuz for traffic in retaliation to Western pressure. Experts have said that any closure of the strait could restrict trade and impact global oil prices. Below are details about the strait: The strait lies between Oman and Iran and links the Gulf north of it with the Gulf of Oman to the south and the Arabian Sea beyond. It is 21 miles (33 km) wide at its narrowest point, with the shipping lane just 2 miles (3 km) wide in either direction. WHY DOES IT MATTER? About a fifth of the world's total oil consumption passes through the strait. Between the start of 2022 and last month, roughly 17.8 million to 20.8 million barrels of crude, condensate and fuels flowed through the strait daily, according to data from Vortexa. OPEC members Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, mainly to Asia. The UAE and Saudi Arabia have sought to find other routes to bypass the strait. Around 2.6 million bpd of unused capacity from existing UAE and Saudi pipelines could be available to bypass Hormuz, the U.S. Energy Information Administration said in June last year. Qatar, among the world's biggest liquefied natural gas exporters, sends almost all of its LNG through the strait. Iran has threatened over the years to block the strait but has never followed through. The U.S. Fifth Fleet, based in Bahrain, is tasked with protecting commercial shipping in the area. HISTORY OF TENSIONS In 1973, Arab producers led by Saudi Arabia slapped an oil embargo on Western supporters of Israel in its war with Egypt. While Western countries were the main buyers of crude produced by the Arab countries at the time, nowadays Asia is the main buyer of OPEC's crude. The United States more than doubled its oil liquids production in the last two decades and has turned from the world's biggest oil importer into one of the top exporters. During the 1980-1988 Iran-Iraq War, the two sides sought to disrupt each other's exports in what was called the Tanker War. In July 1988, a U.S. warship shot down an Iranian airliner, killing all 290 aboard, in what Washington said was an accident and Tehran said was a deliberate attack. In January 2012, Iran threatened to block the strait in retaliation for U.S. and European sanctions. In May 2019, four vessels - including two Saudi oil tankers - were attacked off the UAE coast, outside the Strait of Hormuz. In July 2021, an Israeli-managed oil tanker was attacked off Oman's coast, killing two crew members, with Israel blaming Iran for the incident, which Iran denied. Three vessels, two in 2023 and one in 2024, were seized by Iran near or in the Strait of Hormuz. On June 17, 2025, two oil tankers collided and caught fire, near the Strait of Hormuz, where electronic interference has surged during the conflict between Iran and Israel, but there were no injuries to crew or spillage reported.
Straits Times
4 days ago
- Business
- Straits Times
The Strait of Hormuz: the world's most important oil artery
The Strait of Hormuz: the world's most important oil artery Israel launched strikes against Iran on June 13, saying it targeted nuclear facilities, ballistic missile factories and military commanders during the start of a prolonged operation to prevent Tehran from building an atomic weapon. Iran, which has denied such intentions, has in the past threatened to close the Strait of Hormuz for traffic in retaliation to Western pressure. Experts have said that any closure of the strait could restrict trade and impact global oil prices. Below are details about the strait: The strait lies between Oman and Iran and links the Gulf north of it with the Gulf of Oman to the south and the Arabian Sea beyond. It is 21 miles (33 km) wide at its narrowest point, with the shipping lane just 2 miles (3 km) wide in either direction. WHY DOES IT MATTER? About a fifth of the world's total oil consumption passes through the strait. Between the start of 2022 and last month, roughly 17.8 million to 20.8 million barrels of crude, condensate and fuels flowed through the strait daily, according to data from Vortexa. OPEC members Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, mainly to Asia. The UAE and Saudi Arabia have sought to find other routes to bypass the strait. Around 2.6 million bpd of unused capacity from existing UAE and Saudi pipelines could be available to bypass Hormuz, the U.S. Energy Information Administration said in June last year. Qatar, among the world's biggest liquefied natural gas exporters, sends almost all of its LNG through the strait. Iran has threatened over the years to block the strait but has never followed through. The U.S. Fifth Fleet, based in Bahrain, is tasked with protecting commercial shipping in the area. HISTORY OF TENSIONS In 1973, Arab producers led by Saudi Arabia slapped an oil embargo on Western supporters of Israel in its war with Egypt. While Western countries were the main buyers of crude produced by the Arab countries at the time, nowadays Asia is the main buyer of OPEC's crude. The United States more than doubled its oil liquids production in the last two decades and has turned from the world's biggest oil importer into one of the top exporters. During the 1980-1988 Iran-Iraq War, the two sides sought to disrupt each other's exports in what was called the Tanker War. In July 1988, a U.S. warship shot down an Iranian airliner, killing all 290 aboard, in what Washington said was an accident and Tehran said was a deliberate attack. In January 2012, Iran threatened to block the strait in retaliation for U.S. and European sanctions. In May 2019, four vessels - including two Saudi oil tankers - were attacked off the UAE coast, outside the Strait of Hormuz. In July 2021, an Israeli-managed oil tanker was attacked off Oman's coast, killing two crew members, with Israel blaming Iran for the incident, which Iran denied. Three vessels, two in 2023 and one in 2024, were seized by Iran near or in the Strait of Hormuz. On June 17, 2025, two oil tankers collided and caught fire, near the Strait of Hormuz, where electronic interference has surged during the conflict between Iran and Israel, but there were no injuries to crew or spillage reported. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Indianapolis Star
4 days ago
- General
- Indianapolis Star
Your window fan is facing the wrong direction. Or not. How you can tell and save money
Editor's note: This story originally published in 2023. We are republishing it as part of our summer coverage. As temperatures in Central Indiana climb higher, so do electricity bills. One way to lower their cost is by using window fans to cool your home. They consume less energy than air conditioners and can be friendlier on your pocketbook and on the environment. But what direction should they face — in or out? That depends, say experts. Here's what we know. The thing to remember about box fans is that they're great for pushing hot air out and sucking cool air in. Experts recommend placing window fans blowing air into your home on the coolest side of your house. Windows near shady, cooler outdoor areas usually provide the best intake, according to the U.S. Department of Energy. On the western, or hottest side of your home, face your window fans so they're blowing air out of your house. If your house has more than one floor, consider putting the window fan facing out on the upper floor where indoor temperatures are usually hottest. Story continues after photo gallery. If you're going to go through the trouble of setting up a window or box fan, you probably want to know whether or not you're actually saving money, right? Most box fans use between 50-100 watts of power per hour, according to experts, who say a 20-inch box fan consumes about 50-75 watts per hour. That's about 50% more than your standard ceiling fan, but far less power than an air conditioner, which can use between 500-5,000 watts of electricity. You might be wondering, then, how much that box fan will cost you in electricity every month. Fortunately, there's a simple formula you can use. The simple answer? Roughly 20 cents a day. That's if you're running a 50-watt fan for 24 hours and the price of your electricity is $0.17/kWh — rounded up from 16.52 ¢/kWh — which is the average cost of residential electricity in Indiana, according to data from the U.S. Energy Information Administration. So one box fan running nonstop typically costs Hoosiers a little more than $6 a month. That amount can change periodically, so be sure to check your energy bill for the amount of electricity you pay for every one kilowatt-hour of energy. To find out how much any appliance in your home will cost per hour, use this formula courtesy of Homes And Gardens. Multiply the appliance's wattage by the number of hours you want to use it. Divide by 1,000 and then multiply again by the cost per kilowatt-hour on your electric bill. The formula looks like this: Cost = (power (in watts) x time (in hours)) / 1,000 x cost of one kilowatt-hour. So in our box fan example from above, the formula would be: (50 watts x 24 hours) / 1,000 x $0.17 per kilowatt-hour = $0.20. Summer 2025 concerts near Indy: 100+ free live concerts around central Indiana during summer 2025.
4 days ago
- Business
UAE coast guard evacuates 24 people from oil tanker crash near Strait of Hormuz
DUBAI, United Arab Emirates -- The Emirati national guard said it evacuated 24 people from an oil tanker Tuesday after a collision between two ships just east of the world's most critical oil chokepoint, the Strait of Hormuz. The crude oil tanker, ADALYNN, was bound for Egypt's Suez Canal when the crash in the Gulf of Oman happened. NASA FIRMS satellite data showed heat signatures in the area early morning. The United Arab Emirates national guard said it deployed its coast guard's search and rescue boats to the site, 24 nautical miles off the country's coast, and that the crew was evacuated to the port of Khor Fakkan. British maritime security firm Ambrey had earlier said that the incident was not security-related, as the days-long conflict between Israel and Iran, which is just across the Strait of Hormuz from neighboring Oman, continued to unfold. The strait is the strategic maritime entryway to the Persian Gulf and sees about a fifth of the world's oil pass through it, according to the U.S. Energy Information Administration. In 2024, an average of 20 million barrels of oil traveled through it daily. After Israel launched airstrikes against Iran on June 13, worry mounted over whether the Islamic Republic might block the waterway. Maritime ship experts say shipowners are increasingly wary of using the waterway, with some ships having tightened security and others canceling routes there. As the Israel-Iran warfare intensified over the weekend, hundreds of ships in the strait saw spotty navigation signals and had to rely more on radar, though it wasn't immediately clear what caused Tuesday's incident. The Financial Times reported Friday that the world's largest publicly listed oil tanker company, Frontline, said it would turn down new contracts to sail into the Gulf through the Strait of Hormuz after the Israel-Iran conflict broke out. Meanwhile, oil prices continued to climb as U.S. futures were lower Tuesday morning after Israel's military issued an evacuation warning to 330,000 people in Iran's capital, Tehran. Tuesday's rescue came less than two weeks after the UAE national guard airlifted an injured man from an oil tanker to an Emirati hospital.
India Today
4 days ago
- Business
- India Today
Why the Strait of Hormuz matters to India amid Israel-Iran tensions
Tensions between Iran and Israel have been on the rise and one name keeps surfacing in global headlines: the Strait of narrow stretch of sea might seem far from India, but what happens there can directly impact your fuel bill, your business, and even your stock market Strait of Hormuz is located between Iran to the north and Oman and the United Arab Emirates (UAE) to the south. It connects the Persian Gulf to the Gulf of Oman, and then to the Arabian At its narrowest point, it is only about 21 miles (34 kilometres) wide. However, the actual navigable channel for ships is just a few kilometres wide in each direction, making it a tightly controlled and high-risk ports located near the strait include:Iran's Bandar Abbas – a major naval and commercial portUAE's Fujairah Port – an important oil storage and shipping pointOman's Sohar Port – used for trade and shipping reroutesQatar's Ras Laffan – a key port for liquefied natural gas (LNG) exportsThis waterway is the only sea route for oil and gas exports from most of the Gulf countries, which makes it strategically THE STRAIT OF HORMUZ IS IMPORTANTAlmost one-fifth of the world's oil, more than 17 million barrels per day, passes through the Strait of Hormuz. It is the main shipping route for energy exports from major producers like Saudi Arabia, Iraq, Iran, Kuwait, Qatar, and the to the U.S. Energy Information Administration (EIA), approximately 20% of the world's oil supply, around 20.9 million barrels per day, passes through this narrow waterway, with nearly 83% of it destined for Asian markets. Any threat to the free flow of oil and gas through this strait poses a significant risk to global energy India, which imports over 85% of its crude oil, this makes the strait a vital artery. Any disruption, whether by military activity, threats, or shipping delays—can lead to a sharp rise in oil prices, impacting India's THE ISRAEL-IRAN CONFLICT AFFECTS THE STRAITAs Israel and Iran continue to launch missile and drone attacks on each other, there is growing concern that Iran could restrict or block access to the Strait of Hormuz—something it has threatened in the past. Even the fear of this happening can send shockwaves through oil markets and disrupt global tension also puts commercial ships at risk. Insurance premiums go up, companies reroute vessels, and shipping delays become more likely."The extent to which global powers can dissuade Iran from blocking this vital passage will determine the scale of impact on oil markets going forward. Even without further escalation, the geopolitical risk premium on oil is likely to persist," said Ankit Patel, Partner at Arunasset Investment Services. advertisement"Rising crude oil prices fuel inflationary pressures, particularly in the Consumer Price Index (CPI), and strain the external balance. A $10 increase in crude prices can widen India's current account deficit by approximately 0.55% of GDP and raise CPI inflation by around 0.3%, given oil's significant weight in the national import basket," he added. If the Strait of Hormuz is disrupted, crude oil prices could rise sharply. This would raise the cost of petrol, diesel, and LPG in India, and also affect inflation. Industries like airlines, transport, paints, cement, and logistics, all of which depend heavily on fuel, would face rising also imports liquefied natural gas (LNG), and much of it comes through this strait, especially from Qatar, the world's biggest LNG exporter. If supplies are delayed, it could impact gas-based power plants and manufacturing industries in Indian exporters depend on smooth shipping routes through the Gulf. A delay or rerouting of ships increases freight charges, causes delivery lags, and reduces competitiveness—especially for small exporters. India also exports machinery, textiles, jewellery, and chemicals to Gulf nations. The strait's safety plays a big role in keeping those trade routes ON STOCK MARKETS AND THE RUPEEThe stock market reacts quickly to news from the Gulf. Rising oil prices tend to hurt sectors like airlines, paints, and tyres. On the other hand, energy companies, oil refiners, and defence firms may rupee also comes under pressure as oil becomes more expensive. A weaker rupee increases import costs and may force the Reserve Bank of India to rethink its monetary policy, especially if inflation the Strait of Hormuz becomes unsafe, every Indian could feel the impact. Petrol prices may rise, monthly budgets may tighten, and inflation could increase. India on Tuesday issued a fresh advisory urging its nationals and Persons of Indian Origin (PIOs) residing in Tehran to move out of the city, as the Iranian capital came under continued aerial attacks from Israeli drones and Indian Embassy in Tehran asked individuals who have the means to leave the city on their own and do so without delay.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Must Watch
