Strait of Hormuz, the world’s main oil artery
A U.S. official stated on Tuesday that U.S. president Donald Trump would restore his "maximum-pressure" campaign against Iran and bring its oil exports to zero. Iran has threatened repeatedly to close down the Strait of Hormuz as a response to Western pressure. This would lead to the closure of trade in the region and a rise in oil prices. Here are some details on the Strait of Hormuz: The Strait is located between Oman, Iran and the Gulf of Oman. It connects the Gulf of Oman in the north with the Arabian Sea to the south. The shipping lane is only two miles wide (three kilometers) in each direction. It's narrowest point is 21 miles wide (33 km). Why does it matter? Around a fifth (or 18-19 million barrels of oil per day) or fuel, condensate, and oil are transported through the Strait. OPEC member Saudi Arabia, Iran and the UAE export the majority of their crude oil via the Strait mainly to Asia. Saudi Arabia and the United Arab Emirates have been looking for other routes to bypass this Strait. The U.S. Government says that existing UAE…