Any decision to close Strait of Hormuz will impact global oil supply, say experts

New Delhi [India], June 24 (ANI): Amid rising tensions in the Middle East due to continued military action by Israel and Iran, experts have said that any closure of the Strait of Hormuz will hit global oil trade.

Former diplomat KP Fabian said India has expressed concern at the recent escalations and that conveyed that it is on side of peace and humanity. The United States entered the war on Sunday and bombed Iran nuclear sites.

Fabian referred to Prime Minister Narendra Modi receiving a telephone call from Iran President Masoud Pezeshkian on Sunday. President Pezeshkian briefed PM in detail and shared his perspective on the current situation in the region, especially the ongoing conflict between Iran and Israel. PM Modi expressed India’s deep concern at the recent escalations.

“PM Modi has very diplomatically said that India is upset with the escalation, meaning American attack on Iran’s nuclear sites. For good diplomatic reasons, the PM didn’t want to name America, nor did he want to name Israel for constantly bombing. But it is clear that India is very much concerned, and India has good reasons to be concerned about," Fabian said.

Answering a query, Fabian said that any closure of Strait of Hormuz will affect crude oil trade and will have negative impact on global economy.

Former Ambassador Anil Trigunayat said the situation in the Middle East is becoming dangerous and referred to the United States entering the war and bombing Iran’s nuclear sites.

He said PM Modi, in his conversation with Iran President, thanked him for the continued support being extended for safe return and repatriation of the Indian community.

He said any move by Iran to block the Strait of Hormuz will have an adverse impact on global trade.

“This will affect the supply of oil and other goods traded from the Middle East to the other parts of the world," he said.

The Strait of Hormuz is one of the world’s important shipping chokepoints connecting the oil-rich Persian Gulf to the rest of the world. Around 20 per cent of global production flows through the waterway. Iran controls its northern side, according to CNN.

It said that Iran’s Parliament has approved a motion to close the Strait of Hormuz, though the final decision lies with the country’s Supreme National Security Council. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)

World