Europe Maritime Oil Supply Chain
The Strait of Hormuz is a vital artery for the global energy trade. One-fifth of the world’s oil shipments and a significant share of its liquefied natural gas supply pass through the narrow route, which connects the Persian Gulf to international markets. Energy flows through the strait are particularly important for Asian markets, such as South Korea and Japan. The conflict between the U.S. and Iran throttled the movement of ships through the strait and cascaded through the world economy. Even before Iran announced it had shut the corridor once again over the weekend, citing Washington’s failure to stop clashes…
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