Hormuz Strait Closure for a Year

The article concerns the situation in the Strait of Hormuz and the possibility of its closure for up to a year, amidst ongoing tensions between Iran and the United States. Sources confirm that Iran will not open the strait unless certain conditions are met, including stopping US military operations in the Gulf, withdrawing American forces from the region, Iran's acknowledgment of its role in securing maritime navigation, and imposing transit fees on passing ships amounting to 5-7% of their cargo. This crisis is expected to disrupt global trade and increase oil prices, with the likelihood of the US reverting to military options if diplomatic solutions fail. The article also discusses Iran's diminishing influence in Iraq, as Washington seeks to strengthen its presence in the oil sector, and suggests that Iraq could benefit from diversifying its trade currencies by using the yuan, which would enhance its economic independence and reduce reliance on the dollar.

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