As Tuesday marks two months since the United States and Israel launched joint military strikes against Iran, repeated disruptions to shipping through the Strait of Hormuz have turned the waterway into an “economic clock of war.”

Iran has condemned the United States for what it described as the outright legalisation of piracy and armed robbery on the high seas, following the reported interception of Iranian oil tankers by US forces under the pretext of so-called “seizure warrants”.

Iran’s Foreign Minister Abbas Araghchi has warned of the “dangerous consequences” of what he described as provocative US positions and actions targeting the Persian Gulf and the strategic Strait of Hormuz.

According to a report from the GCC Statistical Center, Gulf states saw a significant increase in renewable energy production in 2024, fueled by rapid growth in solar and wind capacity.

Editor’s note: Faig Mahmudov is a journalist based in Azerbaijan covering regional security, foreign policy, and geopolitical developments. The views expressed in this article are his own and do not necessarily reflect the official position or editorial stance of News.Az.

Restoring oil and gas flows from the Gulf could take up to six months, according to International Energy Agency (IEA) chief Fatih Birol, who warned that the world may be facing one of the most severe energy crises in history.

Chief Commander of the Islamic Revolution Guards Corps (IRGC) Navy, Rear Admiral Alireza Tangsiri, has warned that any attack on Iran’s Kharg Island would fundamentally disrupt global energy markets.

The Middle East war is causing the largest supply disruption in oil market history, with about 20 million barrels per day of crude and products that normally pass through the Strait of Hormuz now reduced to a trickle, according to the International Energy Agency on Thursday.

The Strait of Hormuz is a narrow maritime passage between Iran and Oman that connects the Persian Gulf to the Gulf of Oman and the Indian Ocean. At its narrowest point, it is about 33 kilometers wide, while the designated shipping lanes in each direction are only a few kilometers across.

The Gulf Energy Exchange (GEX) has announced the launch of OIL1, described as the world’s first oil-backed digital asset, linking the global energy sector with blockchain-based finance.