Iran threatens to block all global oil routes after U.S. seals its ports
Just when we thought global shipping couldn't get any more chaotic, Iran and the U.S. are playing a high-stakes game of chicken over the world's most important oil chokepoint.
The U.S. navy set up a maritime blockade around Iranian ports in the Strait of Hormuz. Naturally, the regime in Tehran did not take this sitting down.
Instead of a standard diplomatic complaint, they went straight for the nuclear option of global trade: threatening to block every single oil export route in the region.
It is the ultimate "if we can't play, nobody can" move. About a fifth of the world's petroleum passes through this tiny strip of water. If things go sideways, global gas prices will make everyone long for the cheap days of the pandemic.
Tanking the global economy is certainly one way to handle a port blockade.
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