Foreign Ministry: closure of the Strait of Hormuz will create an imbalance in the global energy markets

The shutdown of shipping in the Strait of Hormuz could lead to a significant imbalance in the global oil and gas markets. This is stated in a statement by the Russian Foreign Ministry on the situation around Iran.

"According to incoming information, shipping in the Strait of Hormuz has been stopped. This may lead to the cessation of exports of hydrocarbons from the region and create a significant imbalance in the global oil and gas markets," the ministry said in a statement on its website.

The Ministry called for an urgent de-escalation, cessation of hostilities and a return to the political and diplomatic process. The settlement should be based on the UN Charter and the Treaty on the Non-Proliferation of Nuclear Weapons, taking into account the legitimate interests of all Gulf States.

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The Reuters news agency reported on the same day that the US and Israeli strikes on Iran had plunged the oil market into the largest crisis in recent decades, and if the conflict did not stop, oil prices would rise sharply on March 2. It was noted that the scale of disruptions in the supply of oil and rising prices will depend on the duration of the conflict in Iran.

The day before, the Strait of Hormuz in southern Iran, which is used for the passage of oil tankers, was completely closed by the Islamic Revolutionary Guard Corps (IRGC). Some major oil companies and leading trading houses have suspended the supply of crude oil and fuel through the Strait of Hormuz amid Israeli and US strikes on Iran. The next day, the IRGC announced that the strait remained open to ships.

On February 28, the United States announced the start of a large-scale military operation with Israel against Iran. The Israeli and American military attacked the republic, including a school in the city of Minab. According to Iran's permanent representative to the United Nations, Amir Saeed Iravani, more than 100 children were killed as a result of an attack by Israel and the United States on an educational institution.

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