Iran’s paralysis of the Strait of Hormuz has led to major disruption in global oil and gas supply and many countries have begun tapping into their strategic oil reserves to evade an economic crisis.Since the US-Israeli war on Iran began on February 28, Tehran, whose territorial waters extend into the Strait, has blocked the passage of vessels carrying 20 percent of the world’s oil and liquified natural gas (LNG) from the Gulf to the rest of the world. The strait is the only waterway to open ocean available for Gulf oil and gas producers.Recommended Stories list of 3 itemsend of listLast week, the price of Brent crude topped $100 a barrel compared to the pre-war price of around $65.The United States Trump administration has tried and failed to re-open the strait. First, it called on Western nations to send warships to help escort shipping through the strait – an option all have declined or failed to respond to. Then, on Sunday, Trump gave Iran 48 hours to reopen the strait or face US attacks on its power plants.However, on Sunday, Iran said it would hit back at power plants in Israel and those in the region supplying electricity to US military assets. And, on Monday, Iran said it would completely shut the Strait of Hormuz if US attacks on its energy infrastructure continue.Following Ir …
