âTheir new nuclear optionâ: Why Iranâs influence over the Strait of Hormuz is here to stay | CNN Business
Iran has gained a new source of leverage over the global economy, and itâs not about to give it up. Tehran has shown that it is able to effectively blockade the worldâs most important oil chokepoint, with relatively few missiles and drones. Its influence over the Strait of Hormuz will long outlast the conflict itself, according to multiple analysts who spoke to CNN, regardless of what it eventually agrees to with the White House. The latest exchange of strikes between the United States and Iran suggests that a deal may yet be some way off. But even if it comes, experts say itâs unlikely to strip Iran of its newfound energy weapon. That has significant implications for the global economy, which is already reeling from a historic energy shock. Before the war, the world received, about a fifth of its oil and liquefied natural gas (LNG) supply via the now-heavily contested waterway. Efforts to diversify away from the strait â and the Middle East â will likely improve energy security, but at a cost. Beyond energy, lingering uncertainty regarding the security of the strait will affect other goods, ranging from fertilizer and jet fuel to helium and aluminum. âWhat Iran has dem
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