According to a recent report from Tehran, a spokesman for Iran’s Revolutionary Guard Corps has issued an emergency declaration to completely close the Strait of Hormuz, after which no ships or commercial tankers will be allowed to pass through this important passage.
Iranian authorities maintain that this extreme step has been taken in view of the current security situation and defense requirements in the region, while at the same time international shipping companies and oil tankers have been warned to completely avoid approaching the area to avoid any unpleasant incident.
This sudden decision has sent shockwaves through global markets as this passage provides about a fifth of the world’s total oil supply and its closure has threatened to completely paralyze the supply chain. Commenting on this situation, economists say that the closure of the Strait of Hormuz is nothing less than a major shock to the global economy because it could not only lead to a sharp increase in crude oil prices but also create a new global energy crisis, the effects of which will directly affect the industries of developed and developing countries.
The international community is currently assessing Tehran’s decision and its far-reaching effects, while many countries have started looking for alternative routes that could prove to be very costly in terms of money and time.
