Overseas Trade: Oil
The question
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment she has made of the potential impact of the closure of the Strait of Hormuz on global oil trade.
Answered by Mr Hamish Falconer
Closure of the Strait of Hormuz would significantly disrupt global oil supplies, resulting in higher global prices. In the event of any global supply disruption, the UK holds emergency oil stocks that can be released to the market as part of a collective action by member countries of the International Energy Agency.
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