IRAN MOVES TO CLOSE STRAIT OF HORMUZ
By Rachel Mumba
Iran has announced the closure of the Strait of Hormuz, a critical maritime route through which 20% of the world’s oil supply is transported. This development is expected to have serious economic implications for countries around the globe including Zambia.
Though Zambia is geographically distant from the Gulf, it depends heavily on imported fuel, much of which is linked, directly or indirectly, to oil that transits through the Strait.
Zambia imports its fuel through ports like Dar es Salaam in Tanzania and Durban in South Africa both of which source oil from the global market, including the Middle East. As global supply tightens, Zambian fuel importers may face increased costs, which could be passed on to consumers.
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