FLASH NEWS
Iranian Navy closes Strait of Hormuz! Global concern over rising oil and gas prices
2026-02-28 16:35:46 / BOTA
Iran has announced the closure of the Strait of Hormuz, causing immediate shockwaves in the international shipping community and strong concern in global energy markets.
The decision comes at a time of high geopolitical tensions in the Middle East, while ships operating in the region are carefully following the authorities' instructions.
The Iranian Revolutionary Guard Navy broadcast an audio message to all ships in the area, announcing that no vessels are allowed to pass through the strait. According to data from MarineTraffic, many tankers are anchored at a safe distance to the northwest and south of the strait, while only a limited number continue to move.
The Strait of Hormuz, just 21 miles wide, is considered a critical artery for global energy, carrying about 20 million barrels of oil a day, about a fifth of the world's supply. Analysts warn that a prolonged disruption could push the price of Brent crude above $100 a barrel, although a long-term blockade is seen as difficult to maintain.
According to OPEC, Iran produces an average of 3.2 million barrels of oil per day, about 4% of global output, making it the world's sixth-largest producer despite international sanctions. To circumvent the restrictions, Tehran uses a so-called "shadow fleet" to sell oil at a discount.
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