Kathmandu. The war in the Middle East continues. The United States and Iran are facing intense attacks. This has led to turmoil in the international crude oil market. <\/p>\n
The closure of the Strait of Hormuz, which supplies about 20 percent of the world’s oil needs, has already created a global oil and gas crisis. Now there’s another bad news. <\/p>\n
As Iran closes Hormuz, Iran-backed Houthi rebels have blocked Bab el-Mandeb, another key sea route for oil and gas supplies. Even though it has been done for Saudi Arabia, it has terrorized the world. <\/p>\n
The US-Iran war took a turn after Yemen’s Houthi rebels announced a naval blockade against the Saudis, effective immediately. The move raises the prospect of major disruption to oil and gas shipments passing through the strategically important Bab el-Mandeb. This new crisis has emerged in the midst of the US-Iran war. This has almost shut down Hormuz and disrupted the global energy market. <\/p>\n
This action of the Houthis against Saudi is also a matter of concern amid tensions in the Middle East. Because the closure of the Strait could further raise concerns about global energy supply and maritime trade. Yemen last week threatened to close the Bab el-Mandeb waterway and has now closed it to Saudi Arabia. <\/p>\n
Bab-el-Mandeb is an important chokepoint. It connects the Red Sea to the Gulf of Aden and the Indian Ocean. The disruption could disrupt global shipments and cause crude oil prices to skyrocket. <\/p>\n
One of the busiest sea lanes in the world, Bab-el-Mandeb also serves as the southern entry point to the Suez Canal and accounts for about 10 to 12 percent of global maritime trade. Experts say the price of crude oil could reach $200 a barrel if the two marine demand shutdowns continue. \u2013Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The war in the Middle East continues. The United States and Iran are facing intense attacks. This has led to turmoil in the international crude oil market. The closure of the Strait of Hormuz, which supplies about 20 percent of the world’s oil needs, has already created a global oil and gas crisis. Now […]<\/p>\n","protected":false},"author":16,"featured_media":307884,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45044,45159],"tags":[],"class_list":["post-307886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/307886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=307886"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/307886\/revisions"}],"predecessor-version":[{"id":307887,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/307886\/revisions\/307887"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/307884"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=307886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=307886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=307886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}