Iran’s Empty Threat to Close The Most Important Oil Shipping Lane

Every time tensions in the Middle East escalate, oil market analysts are back to speculating whether Iran will dare attempt to close the Strait of Hormuz, the world’s most vital oil chokepoint, which sees 20% of global daily oil consumption pass through. The October attack from Iran on Israel and the limited Israeli response have revived speculation on the possible impact of an Iranian blockade of the Strait of Hormuz. Despite on-and-off threats for years, Iran has never attempted such a blockade. And analysts and geopolitical experts believe…