UAE Minister: Strait of Hormuz Closure Causes 1 Billion Barrel Oil Shortage
Sultan bin Ahmed Al Jaber, the UAE Minister of Industry and Advanced Technology, announced that the closure of the Strait of Hormuz has resulted in a global oil shortage of one billion barrels. Speaking via social media, he highlighted severe economic repercussions, including a 20% rise in airfare, a 30% increase in fuel prices, and a 50% surge in fertilizer costs. Al Jaber emphasized that these escalating costs burden families, farms, and factories worldwide, urging for the immediate and unconditional restoration of navigation freedom through the strategic waterway. The crisis stems from escalating tensions between Iran and the United States. In March, Iran declared it would block oil cargo linked to the US and its allies. Subsequently, on April 13, the US military initiated a naval blockade against Iran, restricting vessel movements to and from Iranian ports. This reciprocal blockade has effectively shut down one of the world's most critical oil transit routes, triggering significant disruptions in global energy markets and supply chains.
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