By Admin 
Middle East Tensions: Rising military tensions in West Asia have created turmoil in global energy markets. Between the actions of Israel and the United States and the retaliatory attacks by Iran, the Strait of Hormuz is being discussed the most. This is one of the most important oil transit routes in the world, from where approximately 15 to 20 million barrels of crude oil reaches global markets every day.
Who exports how much?
Estimated share of major exporting countries through the Strait of Hormuz:
Saudi Arabia – 38%
Iraq – 22%
UAE – 15%
Iran – 11%
Kuwait – 9%
Qatar – 5%
If there is any kind of obstruction on this route, it can have a direct impact on the global supply chain.
Also read: Due to tension in the Middle East, there is a big crisis on oil, India played ‘trump card’ to save itself.
Which country imports how much?
Many Asian economies are largely dependent on this sea route:
China – 33%
India – 13%
South Korea – 12%
Japan – 11%
Other Asian countries – 14%
Other countries – 17%
This route is very important from the point of view of energy security for big consumer countries like China and India.
How much did oil become expensive after the tension?
After the attacks on Iran, crude oil prices have seen an increase of about 12% in the last six days.
25 February:
$71.06 per barrel (about Rs 6,500)
March 2:
$77.75 per barrel (about Rs 7,115)
3 March:
$79.60 per barrel (about Rs 7,278)
This rise in oil prices indicates that the market is worried about possible supply disruptions.
Why is this route important?
The Strait of Hormuz connects the Persian Gulf to the Gulf of Oman and the Arabian Sea. Despite being narrow, this route is considered the axis of global energy supply. If the conflict escalates or shipping activities are affected, oil prices could rise further. Inflation in importing countries may increase. Instability may increase in global markets. The Strait of Hormuz is not just a sea route, but the lifeline of global energy security. Amidst the current geopolitical tension, its security and uninterrupted operation remains an important issue for the whole world.
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