New Iran Sanctions Have Tensions Rising In The Straight Of Hormuz
July 3, 2012
We’ve covered how the U.S., Israel and Iran are preparing for the possibility that U.S.-Israel cyber warfare spills over to acts of war in the physical world.
Now that the most severe of the European sanctions have come into effect, tensions are mounting around Strait of Hormuz – a vital transit point for a fifth of the world’s oil supply.
The consequent specter of war has never been more real.
Here’s latest rundown:
• On July 1 EU sanctions designed to further cripple and even break Iran’s economy – its national currency lost close to half its value against the U.S. dollar in the last year – went into effect. The sanctions ban imports of Iranian oil by EU states, a market that bought 18 percent of Iran’s exports last year, and bar EU companies from transporting Iranian crude or insuring shipments.