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Attacks on Gulf shipping leave the global economy vulnerable – POLITICO

Mount Equity Group Tokyo, Japan > News > Markets > Attacks on Gulf shipping leave the global economy vulnerable – POLITICO

Elisabeth Braw is a resident fellow at the American Enterprise Institute.

Last week, an oil tanker traveling through the Gulf of Oman was struck by a suspected kamikaze drone, killing two crew members. And yesterday, several vessels traveling through the nearby Strait of Hormuz reported sudden emergencies, while another was boarded by operatives suspected of being Iranian troops. A terrible situation for all affected, to be sure. But the rest of us should be concerned too.

Global shipping is extraordinarily efficient, managing to transport 80 percent of global trade so reliably that consumers take it for granted. As the Mercer Street vessel’s misfortune demonstrates, though, shipping is also highly vulnerable to disruptions. And increased maritime aggression stands to harm ordinary consumers as well.

The U.S., U.K. and Israeli governments all blame Iran for the Gulf of Oman attack, saying they are certain of…

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