Iran’s Revolutionary Guard claims to have closed the Strait of Hormuz, a critical waterway for global oil and gas shipments, threatening to ignite vessels attempting passage.
“If anyone tries to pass through, the heroes of the Revolutionary Guard and the Navy will set these ships on fire,” Ebráhím Džabárí, an advisor to the commander of the Iranian Revolutionary Guard, stated according to Reuters.
The Strait of Hormuz, situated between Oman and Iran, is a vital chokepoint for energy markets. Qatar, a leading exporter of liquefied natural gas (LNG), relies on the strait for nearly all of its LNG exports. Saudi Arabia, Iran, the United Arab Emirates, Kuwait, and Iraq also heavily utilize the passage for gas shipments.
Data from the analytics firm Vortexa indicates that an average of over 20 million barrels of oil and fuel transited the strait daily last year. According to Reuters, a closure of the strait could lead to a significant surge in oil prices.
