Volume. 11382 Oil prices could soar to $440 a barrel if Strait
of Hormuz closed Print E-mail Font Size Larger Font Smaller Font
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gFaced with trade embargoes and a possible attack on its nuclear
installations, Iran has threatened to close the Strait of
Hormuz.  The strait is one of the world's most strategic
shipping channels. It connects the vast majority of the world's
countries with the crude oil that fuels their economies. The oil
is not just from Iran but also from oil-rich producers Saudi
Arabia, Kuwait, Qatar and the United Arab Emirates that feed
energy-hungry consumers. At its narrowest point, the strait is
21 miles wide, with a two-mile shipping lane on either side.
Iran controls the north, but the south is controlled by Oman.
Daily, 14 supertankers sail through the strait. The largest can
carry more than 320,000 tons of cargo. Roughly 40 percent of all
U.S. crude imports sail through the Strait of Hormuz. What could
happen if the strait