look news india
The biggest and most sensitive geopolitical news of this time is coming out from the battlefield of West Asia (Middle East). Iran’s tough stance, which had threatened to close the world’s most important and sensitive maritime trade route ‘Strait of Hormuz’, now seems to be completely loosening. Tehran, which is trying to scare the world by holding the global crude oil supply chain hostage, is badly trapped in its own maze. After international sanctions and strict military siege by global powers, Iran has now come on the backfoot on the diplomatic front and after being isolated across the world, its restlessness can be clearly seen.
What is the Strait of Hormuz and why was Iran adamant on it?
The geographically and strategically important Strait of Hormuz connects the Persian Gulf and the Gulf of Oman. About 20 percent of the world’s crude oil passes through this narrow sea route. Iran has long claimed to have control over this route and whenever international pressure increases on it, it starts threatening to close it. This time too, Iran had demonstrated its military might and tried to block this route, so that the economy of the entire world, including India, China and European countries, could be brought to its knees.
How was Tehran battered by the retaliatory action of global powers?
To counter this aggressive strategy of Iran, this time America, Britain and their allies without wasting any time deployed a joint naval task force in the Gulf of Oman. This heavy presence of the international navy and the deployment of state-of-the-art missile defense systems completely thwarted Iran’s naval siege. In addition, the new economic and technological sanctions imposed on Iran have broken the back of its domestic economy. After being trapped in the web of its own threats and facing all-round attack, the Iranian administration is now seen pleading for relief on international forums.
What will be its impact on the Indian market and crude oil prices?
Indian oil companies and the domestic market have heaved a sigh of relief with the news of tension reducing in the Strait of Hormuz and Iran coming on the back foot. India imports a large part of its requirement through this route. Defense and market analysts believe that if Iran had succeeded in closing this route, then crude oil prices in the global market could have crossed $ 120 per barrel, due to which the prices of petrol and diesel in India would have skyrocketed. With the calmness of Iran, there is hope that the supply chain will run smoothly, which will return stability to the global energy market.