More than 20% of the world’s total oil and gas shipments, and nearly 40% of India’s, pass through the strait. Since February 28, when the U.S. and Israel attacked Iran, and Iran retaliated, ship traffic across the strait has reduced by some 95%. Iran hopes that closing the strait will force world opinion to bear upon Israel and the U.S. to end the conflict. The strait is a leverage that Iran has historically exercised, such as during the Iran-Iraq war in the 1980s. Why the closure of Strait of Hormuz is causing fears about elevating crude oil pricesHow does the situation affect India’s economy and oil prices?

Source: The Hindu March 07, 2026 23:41 UTC