'No threat to oil supplies'

Iran has never shut Strait of Hormuz due to strategic and economic costs

- PTI

Strait of Hormuz — the narrow but strategically vital waterway through which a fifth of the world’s oil and gas transits and is the supply lane for more than a third of India’s energy need — has never been shut and Iran has used shutdown threats as a diplomatic lever, analysts said.

Oil markets, they said, are well supplied, posing no threat to the world energy order. The Strait of Hormuz, which lies between Iran to the north and Oman and the United Arab Emirates to the south, serves as the main route for oil exports from Saudi Arabia, Iran, Iraq, Kuwait, and the UAE. Many liquefied natural gas shipments, especially from Qatar, also pass through it.