Why You Should Care About The Strait of Hormuz

OIL PIPELINE DIL FIELD IRAQ DIRE STAAIT KUWAIT THE STRAIT IS ONLY IRAN WHAT YOU SHOULD KNOW ABOUT THE STRAIT OF HORMUZ PERSIAN GULF 21 MILES WIDE AT ITS NARROWEST POINT, BUT IT'S With nearly 20 percent of the global oil trade passing through its narrow waterway, STILL BIG ENOUGH TO ACCOMMODATE STRAIT OF HORMUZ the Strait of Hormuz–which separates Iran from Oman-is one of the world's most THE WORLD'S LARGEST strategically important channels. Now, Iran is threatening to close the strait if the DATAR European Union follows through with a plan to ban imports of Iranian oil. CRUDE-OIL TANKERS, MANY OF WHICH WEIGH MORE THAN GULF OF OMAN UNITED ARAB EMIRATES 150,000 TONS. SAUDI ARABIA STRAIT TALK IRAN VERSUS THE EUROPEAN UNION OMAN The Value of Iranian Oil and Gas Exports 2005 - PRESENT Iran comes under increasing pressure from westen leaders to shut down its nuclear program and close its SEPTEMBER 2, 2011 $ U.S Billions underground uranium sites. Iranian President Mahmoud Ahmadinejad denies that the country is creating nuclear The International Atomic Energy Agency OIL 2007 $81.6 weapons, saying that the facilities are researching nuclear concludes that since February 2007, Iran has power development and medical technology. created more than 9,920 pounds of 3.5 percent- enriched uranium at one of its sites. JANUARY 23, 2012 -- 2008 $82.4 RICH Oil flowing? from the Strait of Hormuz composes roughly Daily oil flow from the strait: The member nations of the European Union O-JANUARY 24, 2012 Iranian officials retaliate by threatening to close the shipping lanes in the Strait of Hormuz, at the 17 MILLION BARRELS formally approve an oil embargo against Iran, which is responsible for almost 5 percent of the 2009 $6.2 21 PERCENT 14 world's crude-oil supply. The EU is the second- 2010 $81.1 mouth of the Persian Gulf. Oil and gas exports of all oil traded worldwide. largest market for Iranian oil, behind China. constitute about 60 percent of Iran's revenues. 2011 $182.9 Amount exported to Asian markets in Japan, JANUARY 29, 2012 This is up 1.5 MILLION BARRELS since 2009. The Iranian parliament postpones a vote on a measure to halt oil supply to the European Union. JANUARY 30, 2012 Average number of India, South Korea and China: crude oil tankers 85 PERCENT U.S. crude oil prices stand at $98.78 a barrel. it takes to carry the oil each day. Prices rose 1.4 percent in January, the largest gain in that month since 2006. 2FROM IRAN AND SURROUNDING COUNTRIES. IRAN ALSO THREATENED TO SEAL OFF THE STRAIT IN JUNE 2008, WHEN THE COMMANDER OF THE NATION'S REVOLUTIONARY GUARD WARNED THE UNITED STATES AND ISRAEL AGAINST FORTHCOMING ATTACKS. HOWEVER, THE STRAIT REMAINED OPEN. SOURCES A COLLABORATION BETWEEN GOOD AND COLUMN FIVE U.S. ENERGY INFORMATION ADMINISTRATION, LATIMES.COM, REUTERS.COM, BBC.Co.UK, IMF.ORG, MARKETWATCH.COM, HINDUSTANTIMES.COM, TEHRANTIMES.COM. USATODAY.COM, BLOOMBERG.COM