Global Oil Routes Disrupted : Iran Declares Closure of Strait of Hormuz , Threatens Ships
Global Oil Routes Disrupted : Iran Declares Closure of Strait of Hormuz , Threatens Ships
TST Report , 03 March : Iran’s Islamic Revolutionary Guard Corps (IRGC) has announced the shutdown of the Strait of Hormuz, one of the world’s most important maritime passages for oil and gas shipments.
A senior IRGC official warned that any vessel trying to pass through the strait could be attacked and set on fire, indicating a dangerous rise in tensions in the Middle East.
The Strait of Hormuz links the Persian Gulf with the Gulf of Oman and the Arabian Sea, and nearly 20% of the world’s seaborne oil supply usually flows through this narrow passage. Iran’s warning has led many shipping companies to stop operations, reroute vessels around Africa’s Cape of Good Hope, or suspend sailings altogether due to safety worries.
This situation follows a series of US and Israeli strikes on Iranian targets, which Tehran has promised to retaliate against. The closure of the strait, even if not widely recognized as a formal blockade, is already impacting global markets. Oil prices have surged due to fears of ongoing supply disruptions and rising insurance and freight costs for carriers.
Major commercial shippers, including global container lines, have paused transits, emphasizing how significant the disruption is to international trade. This move also raises broader geopolitical concerns, as many countries rely heavily on oil and gas flowing through this chokepoint.
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