Israeli official warns Hormuz crisis could backfire on Iran

Concerns over disruption in the Strait of Hormuz are influencing energy markets and strategic calculations across the Middle East, as Israel says it is maintaining natural gas supplies despite heightened regional tensions.

Israel’s Energy Minister Eli Cohen told Al-Monitor that the country continues to supply natural gas to Egypt, Jordan and domestic consumers, even after the partial shutdown of two offshore gas platforms over fears they could be targeted by Iran.

His comments followed a March 29 report by Ynet that the Leviathan and Karish Mediterranean gas fields had been closed.

Cohen noted that rising global oil prices linked to the Hormuz situation are also affecting petrol prices in Israel. However, he said electricity prices remain stable, as more than half of the country’s power generation relies on domestically produced natural gas from undersea fields.

"At the end of the day, the closure of the Strait of Hormuz by the Iranians would backfire against them. The petrol states have been exporting their oil by ships via the eastern flank of the Gulf. After the war, we might expect that efforts will be taken to build up the western, terrestrial route for the export of oil," said Cohen, adding that the current crisis might also encourage many countries to invest more in clean energies.

By Sabina Mammadli