The development escalates fears of a global energy shock as the Strait of Hormuz lies between Iran and Oman, is one of the most critical chokepoints in global trade. Amid intensifying Middle East hostilities, a senior figure within Iran’s Islamic Revolutionary Guard Corps has declared the Strait of Hormuz closed, threatening to ignite any vessel attempting passage. The development escalates fears of a global energy shock as the Strait of Hormuz lies between Iran and Oman, is one of the most critical chokepoints in global trade. If anyone tries to pass, the heroes of the Revolutionary Guard and the regular navy will set those ships ablaze,” Al Jazeera quoted Jabari on Monday. Being considered the critical waterway for global oil exports, with major producers like Saudi Arabia, Iran, Iraq, Kuwait, and the UAE relying on it to transport crude oil to Asian markets, any disruption to this corridor could significantly impact global oil prices.
