Russia warns of oil market disruption due to closure of Strait of Hormuz
M.C.N.
The Russian Foreign Ministry said on Sunday that closing the Strait of Hormuz to maritime traffic could lead to a major disruption in global oil and gas markets.
Trade sources reported on Saturday that many oil tanker owners, major oil companies, and trading companies have suspended shipments of crude oil, fuel, and liquefied natural gas through the Strait of Hormuz after the United States, Israel, and Tehran announced its closure to navigation.
About 20 percent of the world's oil passes through the strait, including shipments from Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, and Iran, as well as large quantities of liquefied natural gas from Qatar.
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