#oil-transport

#oil-transport

The idea for a new canal to move oil from the Middle East had emerged two decades earlier, in the context of another Middle East conflict, the Suez crisis. In 1956, Egypt seized the Suez Canal from British and French control, causing the price of oil to spike for European consumers.

The Strait of Hormuz is not an oil chokepoint. It is the aortic valve of globalised production and like any valve, when it fails, the entire circulatory system collapses.