For decades, Iran has relied on the Strait of Hormuz as its most effective geopolitical weapon -- a crucial energy chokepoint through which up to a third of the world’s oil is transported and about a fifth of its liquefied natural gas (LNG). Tehran’s immediate blockade of the transit route at the onset of the 28 February U.S./Israeli joint military operation against Iran prompted a cessation of maritime traffic through the chokepoint, catalysing a spike in oil prices of over 70%. The prospect of such a blockade continuing into the U.S.’s…
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