Iran's threat to close Strait of Hormuz raises oil price concerns
發佈日期: 2025-06-23 19:25
TVB News
Some analysts believe oil prices will surge if Tehran's threat to close the Strait of Hormuz is implemented, with Hong Kong's motorists being among the most impacted.
Iran's parliament has called for the closure of the Strait of Hormuz after U.S. airstrikes on the country's nuclear facilities.
Separating Iran and the United Arab Emirates, the strait is among the most essential sea routes on the planet.
If closed, access to the sea will be completely cut off for oil-exporting nations in the Persian Gulf such as the UAE and Qatar.
Sources say up to 20 million barrels' worth of oil pass through the Strait of Hormuz on a daily basis, accounting for 20 percent of all oil shipments on Earth.
Some analysts say the closure of the strait will only add fuel to the fire of the problem with soaring oil prices around the globe.
Foreign exchange analyst Jasper Lo noted that Hong Kong's economy will suffer collateral damage from such a geopolitical move.
He stressed the city's stock market will be negatively impacted given the combination of inflation caused by U.S. tariffs and rising oil prices.
Other victims from the strait's closure include Hong Kong's motorists, who will be subject to far higher gasoline prices.
According to the Consumer Council, the China National Petroleum Corporation has already raised oil prices to a two-year high just one day after U.S. airstrikes against Iran's nuclear facilities.
Ringo Lee, honorary life president of the Hong Kong, China Automobile Association, said Hong Kong is already one of the cities with the highest oil prices in the world.
He urged authorities to take action and suggested an oil price regulatory mechanism to help consumers.
Meanwhile, the logistics sector emphasised the strategic location of the Strait of Hormuz as an air transport hub between the Middle East and Europe.
The sector, which regularly transports goods via sea to the Middle East before switching to air transport to Europe, said if the strait is closed, they will have to resort to less convenient maritime routes or modes of transport such as the Central European rail system.
