Oil prices plunge over 13% after Donald Trump delays Iran strikes.(IMAGE: X)
US IRAN WAR: With the Strait of Hormuz closed thanks to a war between Iran and its neighbours, global oil markets are in chaos.
The ripple effect has brought an old social media post from Donald Trump, written over ten years ago, back into the spotlight. Back in 2011, he warned that shutting down the Strait would push oil prices sky-high, maybe even over $300 a barrel.
People are digging up that old post again as oil prices jump and tensions between Iran, Israel, and the US keep escalating.
The Strait of Hormuz, a narrow channel between Iran and Oman connecting the Persian Gulf to the Arabian Sea, handles a huge chunk of the world’s oil traffic. About a fifth of global supply moves through there daily, according to the US Energy Information Administration.
Since the fighting started, shipping disruptions have been relentless. Experts estimate about 18 million barrels a day are either delayed or blocked.
That kind of supply shock drives prices up fast. Brent Crude has already surged past $100 a barrel, and the US benchmark, West Texas Intermediate, isn’t far behind.
Energy analysts keep saying that even a brief closure at Hormuz creates ripple effects across worldwide prices, just because so much oil and gas squeezes through that tight shipping lane.
This isn’t just about Iran; it affects Saudi Arabia, Iraq, Kuwait, Qatar, and the UAE, all of which rely on this route to get oil and natural gas to buyers across the globe.
If the shutdown drags on, prices could climb even higher, especially if alternate routes can’t make up the shortfall.
Trump’s old prediction is getting a lot of attention. It’s a reminder of how crucial the Strait of Hormuz still is for energy markets. Right now, oil isn’t near the $300 mark he forecasted, but that old post feels more relevant than ever.
With 13 years on the line, Ashish Kumar Singh loves everything when it comes to movies, music, travel and pop culture. Formerly employed at ANI, Pinkvilla, India Today and HT, Ashish has interviewed some of the top celebrities of India, including Shah Rukh Khan, Aamir Khan, Ranveer Singh, Ranbir Kapoor and Hrithik Roshan, among others. Breaking news excites him and deadlines are what he chases. Interviewing comes naturally to him. Hit him up at ashish.kumar02singh@gmail.com.
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