The narrow, 104-mile strait is the main choke point separating the Persian Gulf—and the daily flow of nearly 20 million barrels of oil—from the Indian Ocean and global energy markets. Nearly 20% of global oil and natural gas exports flow through the strait each day—until now. Saudi Arabia, Iraq, Iran, Kuwait, Qatar, and the United Arab Emirates all depend on the waterway for their exports.
It sounds trite, but you literally kind of have to take this at a day at a time. It is very difficult to speculate about how long this will go. You are right that there could easily be an economic dimension to this, and it is a function of how long it goes. And we’re, again, we’re very mindful of that and looking at what the potential economic impacts will be.
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