Strait of Hormuz closure has led to global oil shortage of 1 bln barrels — UAE minister

DOHA, May 12. /TASS/. The closure of the Strait of Hormuz has already led to a global oil shortage of 1 billion barrels, according to UAE Minister of Industry and Advanced Technology Sultan bin Ahmed Al Jaber. "The world is already 1 billion barrels short, because of the closure of Hormuz," he wrote on the social media platform X. According to an infographic he provided, airfare prices have increased by 20%, fuel prices by 30%, and fertilizer prices by 50%. Sultan bin Ahmed Al Jaber stressed that "every day the Strait is held hostage, the costs go up...for families, farms, factories and economies around the world." In this regard, he called for the restoration of navigation through the strait. "Return freedom of navigation. No conditions. No delay," the minister declared. In March, a spokesman for the Iranian Armed Forces' Central Headquarters, Khatam al-Anbiya, stated that Iran would not allow any oil cargo related to the United States and its allies to pass through the Strait of Hormuz. On April 13, the US military began a naval blockade of Iran. US Central Command stated that it intends to block the movement of all vessels heading to ports in the Islamic Republic, as well as those attempting to leave its shores. Iranian military spokesman Mohammad Akraminia, for his part, noted that the country's authorities will not allow vessels from countries that support US sanctions against the Islamic Republic to pass through the Strait of Hormuz.