A report issued by Bloomberg revealed the details of an American plan aimed at tightening restrictions imposed on Iranian oil exports, by restricting navigation traffic in the Strait of Hormuz, which may bring about radical changes in global energy markets.
Through this plan, the US administration aims to reduce the volume of Iranian crude oil flowing to the minimum possible, by targeting the so-called “shadow fleet” that Tehran uses to circumvent international sanctions. The plan includes imposing severe restrictions on shipping, insurance and port companies dealing with Iranian oil tankers, with a particular focus on the important waterways that are considered the lifeblood of this trade.
Analysts believe that these measures may cause increased pressure on global oil prices, due to fears of possible retaliatory reactions that may affect the security of navigation in the strait, through which approximately one-fifth of daily global oil consumption passes.
