Iran's Foreign Minister: Strait of Hormuz Closure Disrupted Global LNG Supplies

Iran's Foreign Minister Abbas Araghchi stated that military operations by the US and Israel have led to the closure of the Strait of Hormuz and disrupted global supplies of natural gas, particularly in Asia. The diplomat's article was published in the Russian newspaper Vedomosti.

Approximately 25% of world oil trade and around 20% of liquefied natural gas trade passes through the Strait of Hormuz, according to TASS.

"Look at the ongoing protests in Europe and the rapid rise in inflation and fuel prices in Europe and America," Araghchi wrote, linking these phenomena to geopolitical tensions and disruptions in energy supplies.

According to him, any "ruptures and confrontations carry consequences that extend far beyond the region and affect energy security, market stability, and the economic interests of producers and consumers worldwide."

Araghchi also pointed to rising gas prices in Europe and low levels of annual gas reserves ahead of winter. The diplomat called on fuel producers to intensify dialogue, diversify supply routes, protect critical infrastructure, and establish practical mechanisms to reduce the impact of geopolitical shocks on global energy markets.

The US and Israel began military operations against Iran on February 28. In June, the parties signed a memorandum on an immediate ceasefire on all fronts, including Lebanon. On July 8, the US resumed strikes, accusing Iran of violating agreements on the Strait of Hormuz.