Duelling blockades hold global economy hostage
4/16/202623 min
The energy crisis spurred by Iran’s closure of the Strait of Hormuz is wreaking economic havoc on much of the world; especially in Asia and Europe, where shortages have already forced people to ration fuel, travel less for work, and pay more for food.
And it could all get even worse, because this week, after ceasefire talks fell apart, the Trump administration imposed a blockade of its own. Now, as both countries play a high stakes game of chicken on the Strait, many questions remain. What ships can and can’t be allowed through? Will the blockade actually pressure Iran to capitulate? How much worse could this crisis get? We’re joined by Ian Ralby, a leading expert in international maritime law and security.
For transcripts of Front Burner, please visit: https://www.cbc.ca/radio/frontburner/transcripts
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First 90 secondsSpeaker 00:00
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Speaker 10:29
[music] This is a CBC podcast.
Aaron Wherry· Host0:33
[music] Hey, Aaron Werre here filling in for Jamie. The energy crisis spurred by Iran's closure of the Strait of Hormuz is wreaking economic havoc on much of the world, especially in Asia and Europe, where shortages have already forced people to ration fuel, travel less for work, and pay more for food. And it could all get even worse because this week after ceasefire talks fell apart, the Trump administration decided to impose a blockade of their own. Here's Vice President JD Vance speaking to Fox News on Monday.
J. D. Vance· Soundbite1:11
When it comes to weapons of war, what they have done is engage in this act of economic terrorism against the entire world. They've basically threatened any ship that's moving through the Straits of Hormuz. Well, as the President of the United States showed, two can play at that game. And if the Iranians are gonna try to engage in economic terrorism, we're gonna abide by a simple principle