Fuelcast: Iran continues to control the Strait
6/29/20268 min
The US struck Iran over the weekend following Iran’s drone attack on a cargo ship in the Strait of Hormuz late last week. Ebrahim Azizi, head of the Iranian parliament’s national security commission, responded to US President Donald Trump on social media saying, “the Strait of Hormuz is governed by Iran, so: Respect the rules” and do “not mistake control for escalation.”
Iran is effectively controlling the Strait of Hormuz by targeting shipping insurance viability, pressuring vessels to seek approval from its newly established Persian Gulf Strait Authority (PGSA).
Does this mark a global shift in terms of how passage through the Strait is governed? What will the next move be from the US?
Carrington Clarke and GUEST help you keep on top of the numbers behind the ongoing energy crisis on Fuelcast on ABC Business Daily.
Got a burning brent crude question?
Send an email to Carrington and the team abcbusinessdaily@abc.net.au
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First 90 secondsSpeaker 10:00
[upbeat electronic music] ABC Listen: podcasts, radio, news, music, and more Welcome to Fuel Cast.
Carrington Clarke· Host0:12
I'm Carrington Clark, and this is your source to stay on top of the numbers behind the ongoing global energy crisis. It's Monday, June the 29th. We're recording mid-morning, as always, so let's look at the latest figures. The price of Brent Crude has fallen. It's sitting at 72 US dollars a barrel, while the national average price of unleaded has dropped to $1.58 per liter, and the national average price of diesel also dropping, now sitting at $1.91 per liter. Today, I'm joined by Alan Kohler to dig into the major energy headlines. Good morning, Alan.
Alan Kohler· Guest0:46
Good morning, Carrington.
Carrington Clarke· Host0:47
All right, Alan, let's check in. A- another weekend filled with tit-for-tat firing between the US and Iran, and a kind of fundamental disagreement, it appears, about who controls the Strait of Hormuz. The position from Iran seems to be that the MOU gave them the responsibility to decide, and the right to decide, how ships traveled through that strait, the nature of those ships and, and where they should travel. And the disagreement seems, in part, to be that there were ships trying to travel closer to the Omani side of the Strait of Hormuz, which is on the, the kinda southern side, and that's why we saw a container