Straits Of Hormuz – More Important Than You Think
Many Americans don't understand the importance of the Straits of Hormuz but Dr. Walid Phares says it is of global importance. Phares is an Advisor to the Anti-Terrorism Caucus in the U.S. House of Representatives, Fox News Terrorism Expert and author of Future Jihad:Terrorist Strategies. On "Mornings With Ken & Bernie" Dr. Phares stressed the importance of the Straits of Hormuz to the world economy and security.
On Monday, the European Union formally adopted an oil embargo against Iran and froze assets of Iran's central bank.
Dr. Phares says:
- These sanctions are being put in place in response to Iran's nuclear program
- About 80 percent of Iran's oil revenue comes from exports and the sanctions would hurt their economy
- Nearly a fifth of the worlds oil supply could impacted with the closing of the Straits of Hormuz
- Iran is the second largest producer in OPEC
You can hear these comments and more from Dr. Phares including his analysis of the blockade of the Straits of Hormuz in regards to the European economy: