'Seek permission first to cross Hormuz or be targeted': Iran
What's the story
Iran's Islamic Revolution Guards Corps (IRGC) Naval Force Commander Rear Admiral Alireza Tangsiri has warned that vessels wishing to pass through the Strait of Hormuz must seek Iranian permission or they could become targets of Iranian attacks. "Any vessel intending to pass must obtain permission from Iran," he said in a post on X. Tangsiri said that two ships that had ignored Iran's warnings were targeted in the strait on Wednesday.
Remarks
General cites examples of attack
"Were the ships assured of safe passage through the Strait of Hormuz? This should be asked of the crews of the vessels Express Rome and Mayuree Naree, who today, trusting in empty promises, ignored the warnings and intended to cross the Strait, but were caught," he wrote. "Any vessel intending to pass must obtain permission from Iran," the Iranian general said in a post on X.
Trade significance
Importance of Strait of Hormuz
The Strait of Hormuz is a crucial chokepoint for global trade, with over 20 million barrels of crude oil passing through it daily. This accounts for about one-fifth of the world's oil consumption and nearly a quarter of all maritime oil trade. A large portion of the world's liquefied natural gas also moves through the strait, making any disruption in its flow impactful on financial markets and supply chains worldwide.
Emergency measures
International Energy Agency to release oil reserves
On Wednesday, the International Energy Agency (IEA) decided to release 400 million barrels of oil from the emergency reserves of its member countries. This move is aimed at addressing supply disruptions due to the conflict. The release will be based on national circumstances and supplemented by additional measures from some governments. IEA member countries hold over 1.2 billion barrels in emergency reserves and about 600 million barrels in industry stocks under government obligations.
Fuel supply
US to release 172 million barrels from strategic reserve
As part of this effort, President Donald Trump authorized the Department of Energy to release 172 million barrels from the Strategic Petroleum Reserve, beginning next week, Secretary of Energy Chris Wright said. The department said this process would "take approximately 120 days to deliver based on planned discharge rates." "Rest assured, America's energy security is as strong as ever," he said in a statement.