U.S. Secretary of State Marco Rubio On Sunday, China called Iran to prevent Hormuz’s strategies from closing the straight, one of the most important trade routes for crude oil in the world.
Rubio said in an interview on Fox News, “I encourage the Chinese government to call about this in Beijing, as they are dependent on the strainer of the hormuz for their oil.” China is Iran’s most important oil customer and maintains friendly relations with the Islamic Republic.
Iranian Foreign Minister warned Earlier on Sunday, the Islamic Republic “after America” protects all options to defend its sovereignty ” Bombing on three major nuclear sites In the weekend.
Meanwhile, media owned by Iranian state said that Iran’s parliament supports closing Citing a senior legalist, Hormuz’s Strait. However, the final decision to shut down the Strait is with Iran’s National Security Council, according to the report.
Efforts to block the narrow waterway between Iran and Oman can be intensive consequences for the global economy. According to a few 20 million barrels per day per day of crude oil, or 20%of global consumption, in 2024, according to the strait, Energy information administration,
According to Goldman Sachs and Consulting firm Rapiden Energy, oil prices can shoot above $ 100 per barrel, if Strait stops for a long time. JP Morgan’s analysts saw Iran the risk of closure of Hormuz as the US would see such a step as a declaration of war.
Rubio said that it would be a “financial suicide” for Iran to shut down the Strait as the Islamic Republic’s oil exports pass through the waterway.
Iran is the third largest oil producer in OPEC, which pumps 3.3 million barrels per day. It exported 1.84 million BPD last month, which had a vast majority sold to China, In data From kpler. The import of about half of the water -born crude oil of China comes from the Persian Gulf, according to the Capler.
CNBC said, “This will be a self-wound wound: cutting the straight will prevent its raw export flow to China, stopping a major revenue stream,” KPLR’s lead oil analyst Mat Smith told CNBC.
The US state secretary said on Sunday that the US retains options to deal with Iran, which is trying to shut down Strait.
Rubio told Fox News, “It will make the economies of other countries worse than us.” “It will be, I think, a large -scale growth, which will react not only by us, but from others.”
The American fifth fleet has been deployed in Bahrain and is tasked to protect the maritime trade in the Persian Gulf. Oil market participants believe that the US Navy will fast to fast to block any Iran’s attempt to block Hermuz’s Strait. But some analysts warned that the market was reducing the risk.
“In our view, they can ship through Hermuz for a long time,” said Bob McNly, founder of Rapidon Energy and former Energy Advisor of President George W. Bush.
Shipping can be interrupted for weeks or months, McNally stated that the US Navy would solve the situation in hours or days rather than the outlook of the oil market.
America will eventually be strong, but “it will not be a cakewalk,” McNally told CNBC.
