13 Hrs
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اقتصاد سكاي نيوز عربية
Hormuz Strait Faces Critical Test
The Strait of Hormuz has witnessed an unprecedented escalation in the military confrontation between Iran, the United States, and Israel, leading to a sharp decline in ship traffic. The number of vessels has dropped from 138 ships per day to approximately 10 ships, a reduction of nearly 90%. This escalation has damaged the energy infrastructure, with around 80 oil and gas production facilities sustaining damages valued at approximately $58 billion. It is expected that restoring some of these facilities could take several years, threatening global oil supplies and leading to increases in oil, gas, and related commodity prices. The tension in the strait has caused a significant slowdown in energy exports and a substantial rise in oil prices, which have later eased to around $100 per barrel. The situation has had extensive impacts on global energy markets and the economies of Gulf countries, as the escalation presents major challenges to regional security, stability, and economic stability.
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