ISTANBUL, June 16. /TASS/. The conflict between Israel and Iran is highly unlikely to spread to the Persian Gulf, the head of the Ankara Global Advisory Group, Huseyin Bagci, said.
"Some 20% of all global oil is transported via the Persian Gulf. The Gulf satisfies around 65% of Germany and Japan’s oil demand. I don’t think there is anyone who wants the conflict to spread to the Persian Gulf, because in this case, there is a possibility that Gulf countries become embroiled in the conflict. I don’t think it will come down to this. I don’t think this is what the United States and its President Donald Trump want to have," he said.
Iranian Foreign Minister Abbas Araghchi said earlier that Israel’s attack on targets involved in the development of Iran’s South Pars gas field in the Persian Gulf shows that the conflict zone is broadening and that other countries of the region may become embroiled in it.
In turn, Turkey’s Hurriyet newspaper wrote that if Iran closes the Strait of Hormuz, oil prices will soar to $120-130. The Strait of Hormuz accounts for almost 80% of oil and liquefied natural gas (LNG) trade of Iran, Saudi Arabia and the United Arab Emirates. The newspaper’s columnist Abdulkadir Selvi believes that if the conflict ends within two weeks, as expected, it will have limited impact on the global economy. "Otherwise, its effects will be devastating," the journalist said.
The Strait of Hormuz connects the Persian Gulf and the Gulf of Oman. The region’s countries include oil-and gas-rich Saudi Arabia, Iraq, Iran, Kuwait, Qatar and Bahrain.
Overnight into June 13, Israel kicked off Operation Rising Lion, aimed against Iran’s nuclear program. Less than 24 hours later, Iran launched a retaliatory attack. On June 14 and the night of June 15, Tel Aviv and Tehran exchanged strikes again. Both sides reported casualties resulting from these attacks and acknowledged hits on several targets within their territories, though they claimed the damage was limited.