Tension is at its peak in the Gulf region due to the ongoing war between Iran and America-Israel. Tehran has officially closed the strategically important Strait of Hormuz to the US and its allies. The Iranian Foreign Ministry has clarified that this path will be open only to those countries which are not included in the US or Israel bloc. However, due to security reasons and withdrawal of coverage by insurance companies, the movement of ships on this route has almost come to a standstill.
👉: Qatar Security Alert: Missile attack failed in Qatar, many areas of the capital Doha were evacuated.
What is the current status of the Strait of Hormuz?
According to the statement issued by Iran, this waterway is in the restricted category. More than 300 ships are currently stranded inside the gulf as insurance companies have stopped providing war-risk cover for the region. Despite this, Iran has given some concessions to countries like India and Türkiye.
Country Permission Details India Iran has given special exemption to Indian ships. On 14 March, two Indian LPG tankers were allowed to pass through the route. Turkey A Turkish ship received permission to pass after using an Iranian port. US and allies completely banned. A warning has been issued of strict action against entry of any unauthorized vessel.
What is the global and economic impact of the war?
The direct impact of this conflict is visible on oil prices. The price of Brent crude oil has crossed $100 a barrel, an increase of nearly 50 percent since the war began. There has been a huge jump in the prices of petrol in America also. Activities are also intense on the military front.
Iran has launched ‘Wave 57’ of missile attacks targeting Israeli command centers. The UAE Defense Ministry has confirmed the shooting down of 6 ballistic missiles and 21 drones coming towards its border. Israel has claimed to have destroyed a plane used by the Iranian Supreme Leader by attacking Mehrabad Airport. European countries like Germany, Greece and Spain have refused to join the US military mission.
