Oil, LNG, fertilisers and maybe diamonds: What is at risk from Iran’s wider blockade threat
Iran's Islamic Revolutionary Guard Corps (IRGC) warned it could disrupt regional trade beyond the Strait of Hormuz, threatening exports like oil, LNG, fertilisers, and diamonds.
The Strait of Hormuz carries nearly 20 million barrels per day of crude oil and petroleum products, about a quarter of global seaborne oil trade.
Around 93% of Qatar's LNG exports and 96% of the UAE's LNG exports pass through the Strait, together accounting for almost one-fifth of global LNG trade.
Iran closed the Strait of Hormuz after the US imposed a naval blockade on Iranian ports; the IRGC stated regional energy exports are shared by all or denied to all.
Major oil exporters relying on the Strait include Saudi Arabia (6.23 mb/d), Iraq (3.63 mb/d), UAE (3.24 mb/d), Iran (2.41 mb/d), Kuwait (2.37 mb/d), Qatar (1.43 mb/d), and Bahrain (0.21 mb/d).
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