The war in Iran has disrupted the global movement of oil and gas. Although Switzerland does not directly depend on the Persian Gulf for its energy supply, an extended Middle East conflict and high energy prices will have consequences for the Alpine country. The price of oil – and even more so that of natural gas – skyrocketed following the military offensive by Israel and the United States against Iran, and Tehran's subsequent retaliation. Iran has closed the Strait of Hormuz, a small sea corridor separating the Arabian Peninsula from the Iranian coast, and threatened to strike ships attempting to cross it. This means that about a fifth of the world's crude oil trade is blocked, as ships carrying oil and gas produced in Qatar, the United Arab Emirates and other Middle Eastern countries cannot move. The closure affects all oil-consuming countries, even if – like Switzerland – they do not depend on crude oil transiting through the Strait of Hormuz. Nations heavily dependent on ...
