In mid-2019, tensions in the Persian Gulf echoed the threat to world oil supplies during the eight-year war between Iran and Iraq in the 1980s. In May and June 2019, maritime security deteriorated after the sabotage of six oil tankers in the Gulf of Oman just beyond the Strait of Hormuz. (See timeline). The price of crude rose, briefly, by nearly four percent. Roughly a third of the world’s seaborne oil exports—or a fifth of all global exports—passes through the strait. In 2018, an average of 21 million barrels of oil passed through the Strait of Hormuz daily.
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