- Al Jazeera English Published on Apr 29, 2019
The Strait of Hormuz is the only sea route in and out of the Gulf. Twenty percent of the world’s oil is carried through it by tankers. Now, the US decision to impose further economic sanctions on Iran has prompted threats from Tehran to close this strategic waterway. This week, Washington will end all waivers granted to eight countries, including China and India, that import Iranian oil. The Trump administration says it’s part of its ‘maximum pressure’ campaign to stop Iran from destabilising the region. But what are the consequences of shutting the Strait of Hormus, not just for Iran, but the region and global oil markets?