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Tanker throughput is the physical constraint that makes any Gulf military escalation immediately consequential for energy supply and currency markets.
When vessels moving crude come under sustained attack, supply reliability breaks at the delivery layer before futures markets can reprice.
The United States launched a wave of strikes against Iran following attacks on tankers; NATO Secretary-General Rutte called the action "absolutely necessary," and Iran's Revolutionary Guards retaliated.
Tanker attacks and the escalation chain Attacks on tankers gave the US its stated justification for direct military action against Iran.
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