"Diplomacy remains Iran's priority. However, a complete cessation of aggression, along with mutual trust and confidence, is more important. Israeli and US attacks against Iran are at the root of the current situation in the Strait of Hormuz."
"Even without a formal closure, the threat of attacks has nearly halted shipping, raising fears of a major global energy crisis."
"With shipments slowed or diverted, global oil prices have already surged to $119 a barrel, and UK natural gas prices have jumped by more than 20 per cent in a single session."
Iran asserts that the Strait of Hormuz remains open for non-adversarial vessels, contingent on security arrangements with Tehran. Tensions have escalated due to recent strikes on energy facilities by Israel and Iran, causing oil and gas prices to rise significantly. Iran emphasizes diplomacy but insists on the need for mutual trust to address aggression from the US and Israel. The Strait is vital for global oil and LNG supplies, and threats of attacks have already disrupted shipping, leading to increased market volatility and soaring prices.
Read at London Business News | Londonlovesbusiness.com
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