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Iran Attacks Gulf Shipping Trigger Global Energy Crisis

Why in the News ?

Attacks by Iran on commercial ships in the Persian Gulf and Strait of Hormuz have heightened fears of global energy disruption. An India-bound Thai cargo ship was hit near Oman, prompting concern from India’s External Affairs Ministry and emergency action by global energy agencies.

Attacks on Shipping and Regional Escalation:

  • Iran launched attacks on commercial ships in the Persian Gulf and Strait of Hormuz, escalating tensions amid ongoing U.S. and Israeli airstrikes on Iranian military targets.

  • An India-bound Thai cargo vessel, Mayuree Naree, was struck by a projectile and caught fire near the Omani coast, triggering a rescue operation.

  • The Omani Navy rescued 20 crew members, while three sailors remain missing after the incident.

  • The ship was headed to Kandla port in Gujarat, raising concerns about the safety of Indian maritime trade routes.

  •     India’s Ministry of External Affairs (MEA) condemned the attacks, stating that targeting civilian commercial shipping threatens global trade and human lives.

Wider Regional Impact and Military Responses

  • Iran reportedly launched drone strikes near Dubai International Airport, injuring four people, though flights continued without major disruption.

  • Several Gulf nations activated their air defence systems, with Kuwait shooting down eight drones and Saudi Arabia intercepting missiles aimed at the Shaybah oil field.

  • Iran warned it might target financial institutions across West Asia, potentially affecting major financial centres such as Dubai, Bahrain, and Saudi Arabia.

  • The escalation followed U.S. airstrikes targeting Iranian naval assets and the port city of Bandar Abbas.

  •     Israel also intensified strikes on Iran-backed Hezbollah positions in Lebanon, widening the conflict across the region.

About Strait of Hormuz and Global Energy Security:

●  The Strait of Hormuz is a narrow maritime chokepoint between Iran and Oman, connecting the Persian Gulf to the Gulf of Oman and Arabian Sea.

●  Nearly one-fifth of global oil supply passes through this strait, making it crucial for global energy markets and maritime trade.

●  Major oil exporters such as Saudi Arabia, Iraq, Kuwait, the UAE, and Iran depend on this route for transporting crude oil.

●  Disruptions in the strait can trigger oil price spikes, supply shortages, and economic instability worldwide.

●      To stabilise markets during the current crisis, the International Energy Agency (IEA) announced the release of 400 million barrels of oil from strategic reserves, the largest such coordinated action in history.