WEB DESK: In the aftermath of Iran’s assault on a U.S. military installation in Qatar, global crude oil markets have experienced a sharp decline.
Recent reports indicate that oil prices have fallen more than 7 percent.U.S. West Texas Intermediate (WTI) crude is now trading at approximately $68.51 per barrel, reflecting a drop of 7.22 percent.Meanwhile, Brent crude from the UK has decreased by 7.18 percent, currently valued at $71.48 per barrel.Iran has reportedly launched ballistic missiles at U.S. bases located in both Qatar and Iraq.
An American news outlet reported that Iran fired six ballistic missiles targeting Qatar.The Qatari Ministry of Foreign Affairs issued a statement confirming that Qatar had proactively evacuated the U.S. Al Udeid military base as a precaution.Qatar also announced that its air defense system successfully intercepted and destroyed one missile aimed at Al Udeid Air Base.
The country condemned Iran’s missile strike and emphasized its right to respond if necessary.Qatar further clarified that there were no casualties resulting from the Iranian attack on the U.S. military installation.It’s important to highlight that the Al Udeid Air Base in Qatar is the largest U.S. military facility in the Middle East.
Following recent U.S. strikes on Iranian nuclear sites, Iran’s parliament approved a plan to block the Strait of Hormuz.This narrow waterway is a critical artery for global oil supplies, with approximately 21 million barrels passing through daily from countries such as Saudi Arabia, the UAE, Kuwait, and Iran to destinations worldwide, including Pakistan, China, Japan, South Korea, Europe, and North America.
The Strait of Hormuz links the Middle Eastern oil producers to global markets, connecting Arab allies on one side and Iran on the other.It is estimated that roughly 20 percent of the world’s oil and 30 percent of its natural gas are transported via this crucial maritime route.Around 90 vessels traverse the strait daily, with an annual volume of approximately 33,000 ships.
This waterway spans about 33 kilometers and features two main shipping lanes, each approximately three kilometers wide, accommodating large oil tankers.Major importers like China, which relies on Gulf oil for half of its needs, along with Japan (95 percent) and South Korea (71 percent), depend heavily on this route.Beyond energy transit, China, Japan, and South Korea also import vehicles and electronics from Gulf countries through the Strait of Hormuz, underscoring its vital role in regional and global trade networks.
