US Israel Iran War: In a major diplomatic win for India, Iran has allowed tankers with an Indian flag to pass via the Strait of Hormuz. This was after S Jaishankar, the External Affairs Minister of India, met Abbas Araghchi, his counterpart from Iran, amid the US Israel Iran war.
Easy Access For India-Flagged Ships
MT Parimal oil tanker and MT Pushpak oil tanker, two tankers of India, have been allowed to pass safely via the Strait of Hormuz. Interestingly, ships linked to Israel, Europe and the United States are still facing challenges.
DON'T MISS
Earlier, Alireza Tangsiri, a Rear Admiral with the Islamic Revolutionary Guard Corps Navy (IRGCN), remarked that two ships were targeted as they had ignored the strict warnings of Iran not to pass through the Strait of Hormuz.
US Israel Iran War Implications
The ongoing US Israel Iran War has now continued for almost 2 weeks, causing mass-scale energy crisis across the world. This was after the Islamic Republic of Iran initiated attacks on merchant ships and oil reserves. Iran also attacked the Salalah port in Oman. This was after the joint forces of Israel and the United States targeted oil storage facilities in Iran.
Iran attacked a Thailand-flagged cargo ship carrying crude oil that was bound for India. It is believed that crude oil prices may touch a staggering $200-$250 a barrel if the war does not end soon.
Significance Of The Strait of Hormuz
More than 20-25 million barrels of crude oil, which is approximately one-fifth of the world’s global oil consumption, pass via the Strait of Hormuz. Moreover, a considerable large share of world’s liquefied natural gas also passes through the Strait of Hormuz.
Iran has indicated to Asian, Arab and European countries that their crude oil ships may be allowed passage freedom via the Strait of Hormuz if they expel Israeli and American ambassadors from their controlled territories. In short, Iran is turning the most critical energy corridor of the world into a geopolitical bargaining chip.
