Shell CEO warns: Closure of the Strait of Hormuz could have significant impact
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Shell CEO Wael Sawan warned that a potential blockade of the Strait of Hormuz could have a significant impact on global trade. The company has developed emergency plans to address disruptions in oil supply from the Middle East. Although oil prices have risen due to the tensions, energy supply has not yet been significantly disrupted. Approximately 20% of global oil trade passes through this strait, and any impactful event could drive up oil prices. As the conflict between Israel and Iran escalates, the shipping industry is feeling uneasy, and some shipowners have begun to avoid the strait
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