The whole world is paying attention to the US-Iran agreement today, which countries will have a lottery if the Hormuz route is opened?

US-Iran Peace Deal: The whole world is currently under tension. If a peace agreement is reached, everyone breathes a sigh of relief. US President Donald Trump has claimed that a historic peace deal could be signed today to end the war between the US and Iran. With the agreement, hope has been revived for an end to the war that has been raging since late February. This war has disrupted the global oil supply and has created a new challenge for the entire world. So if this problem is solved then all the problems related to it will be solved.

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According to Pakistan, which mediates between the two countries, the draft agreement is fully prepared. Trump has said the strategically important Strait of Hormuz will be reopened to all international ships and oil tankers immediately after the deal. The question now becomes, if the Strait of Hormuz is indeed fully reopened after the deal, which countries will benefit the most?

Who will benefit the most?

China – The opening of the Strait of Hormuz will benefit China the most, as China alone imports 37.7% of the total oil that passes through this waterway. The closure of the strait has severely affected business and daily life in China.

India – India imports approximately 50% of its crude oil requirements through this route. Opening the Strait of Hormuz will reduce India’s oil import bill, reduce freight costs and help stabilize fuel prices in the domestic market.

South Korea and Japan – South Korea imports 12% of its total oil and Japan 10.9% by sea. The opening of the Strait of Hormuz will completely solve the energy crisis for them as well.

Exporting countries will benefit

Saudi Arabia – Saudi Arabia accounts for the largest share of total oil exports through the Strait of Hormuz, i.e. 37.2%. The opening of this strait will enable Saudi Arabia to send oil to its buyers in Asian countries without any hindrance.

Iraq and United Arab Emirates – Iraq accounts for 22.8% and UAE 12.9% of total oil exports. With the lifting of the blockade, their stalled trade will also resume.

Qatar – Qatar is the world’s largest supplier of LNG and helium. 20% of the world’s LPG comes from Qatar through this route.

Kuwait – Kuwait’s economy is completely dependent on the Strait of Hormuz. If the US and Iran reach a peace deal, US sanctions on Iran will be lifted, allowing Iran to officially sell more than two million barrels of oil per day through its ports. This will boost its economy.

Relief to the world market

If the supply of oil and gas through the Strait of Hormuz resumes, the international crude oil price will fall sharply. Moreover, insurance premiums for ships will also become cheaper, which will help reduce inflation worldwide.

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