A coastal road running along the Strait of Hormuz in the Omani Musandam governorate, in February 2021. (Credit: Wikimedia Commons)
With a cease-fire between Israel and Iran coming into effect Tuesday morning, it's possible that Lebanon's tourist season could still be saved, but the biggest threat to the Lebanese economy was the possible closing the Strait of Hormuz, which, as reports come in of a missile barrage launched toward Israel, could still be on the table.The region is well acquainted with collapsed cease-fires and should fighting resume and this vital marine passage — which sees nearly 20 percent of the world's oil traffic — be shut down, the global economy would find itself in a disaster scenario. The maneuver became an increasing possibility with the Iranian Parliament's decision on Sunday to approve this closure, but in order to go ahead with such a move, it would still need to be validated by the Supreme National Security Council.Market...
With a cease-fire between Israel and Iran coming into effect Tuesday morning, it's possible that Lebanon's tourist season could still be saved, but the biggest threat to the Lebanese economy was the possible closing the Strait of Hormuz, which, as reports come in of a missile barrage launched toward Israel, could still be on the table.The region is well acquainted with collapsed cease-fires and should fighting resume and this vital marine passage — which sees nearly 20 percent of the world's oil traffic — be shut down, the global economy would find itself in a disaster scenario. The maneuver became an increasing possibility with the Iranian Parliament's decision on Sunday to approve this closure, but in order to go ahead with such a move, it would still need to be validated by the Supreme National Security...
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