International energy markets depend on reliable transport routes. About 63% (56.5 million barrels per day) of the world’s oil production in 2013 moved on maritime routes. World chokepoints for maritime transit of oil are a critical part of global energy security because of the high volume of petroleum and other liquids transported by these routes. Blocking a chokepoint, even temporarily, can lead to substantial increases in total energy costs and world energy prices, as disruptions to these routes can affect oil prices and add thousands of miles of transit in alternative routes. Chokepoints also leave oil tankers vulnerable to theft from pirates, terrorist attacks, shipping accidents that can lead to disastrous oil spills, and political unrest in the form of wars or hostilities. The Strait of Hormuz, leading out of the Persian Gulf, and the Strait of Malacca, linking the Indian and Pacific Oceans, are the world’s most important […]