Strait of Hormuz Tensions: Echoes of the 1980s Tanker War
Just read about the rising tensions in the Strait of Hormuz between the US and Iran, and it's drawing unsettling parallels to the Iran-Iraq Tanker War of the 1980s. Back then, attacks on oil tankers disrupted shipping and drove up oil prices. Now, with Iran controlling access and the US blockading ports, shipping through the strait has dropped by 95%, pushing oil prices above $100 a barrel. Key differences stand out: unlike the 80s, the US isn't getting much support from allies like the UK this time, and Iran's military posture has shifted to a more aggressive, asymmetric strategy. It's a stark reminder of how a maritime choke point can impact global trade and energy markets during political confrontations.
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