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Time of India
4 hours ago
- Business
- Time of India
What would happen if Iran closes the Strait of Hormuz? All scenarios explained
Iran's Threat of Closing the Strait of Hormuz Why the Strait of Hormuz Matters Live Events Global Repercussions FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The threat of Iran shutting down the Strait of Hormuz has once again become a concern because of the growing tension between Iran and Israel, however, it would have a global impact, as per Guard commander Sardar Esmail Kowsari said that closing the Strait of Hormuz "is under consideration, and Iran will make the best decision with determination," quoted Euro News. Kowsari, who is a also a member of parliament, added that, "Our hands are wide open when it comes to punishing the enemy, and the military response was only part of our overall response," as quoted in the of Hormuz, the narrow waterway that links the Persian Gulf to the Gulf of Oman is just around 20 nautical miles across Iran at its narrowest point and a significant portion of it falls within Iran's national waters, which also overlaps with those of Oman to the south, according to narrow sea passage is a significant and strategic location for shipping, normal maritime traffic flows in and out through a pair of established two-mile-wide shipping lanes, as per the report. Almost a fifth of all global oil shipments, and an even higher percentage of seaborne shipments, pass via the Strait each year, reported Strait of Hormuz is also a key route for the movement of liquid natural gas and over 3,000 ships use it to get to and from the Persian Gulf each month, as per the the Strait of Hormuz is closed, it would have an immediate impact on the global price of oil, which has the potential to cause significant worldwide economic disruptions, according to TMZ. This would come at a time when oil prices have already increased after Israel launched its attack against Iran, which has now expanded to include Iranian energy targets, according to the attempt to blockade the waterway would trigger foreign powers around the world like the Gulf Arab states, which have already been at odds with Iran and aligned with the United States, would be pressured to act and support some kind of intervention, because of the massive impacts to their heavily oil and natural gas-dependent economies, reported TWZ. While, those countries could consider moving oil and natural gas elsewhere across the Arabian Peninsula for export, but not being able to leverage established facilities on the Persian Gulf would still have consequences, according to the to TWZ, shutting the Strait of Hormuz would also risk alienating Iran's foreign partners like China, which imports major amounts of Iranian and other Middle Eastern oil. President of Transversal Consulting, Ellen Wald told CNBC, 'China does not want the flow of oil out of the Persian Gulf to be disrupted in any way, and China does not want the price of oil to rise,' adding, 'So they're going to bring the full weight of their economic power to bear on Iran,' quoted Iran's economy could be impacted as the revenue from oil and natural gas shipments is key to the country, and the disruptions to seaborne commerce would have other impacts on the regime in Tehran, according to the 3,000 commercial ships use it each month to carry oil, natural gas, and goods from Gulf countries to the world, as per the growing tensions with Israel, Iran sees the Strait as a pressure point. A commander said closing it is 'under consideration' as part of their broader response.
Barnama
11 hours ago
- Business
- Barnama
Oil Prices Could Reach US$130 Per Barrel If Iran Closes Strait Of Hormuz
ANKARA, June 16 (Bernama-Sputnik/RIA Novosti) - Oil prices could surge to US$130 per barrel if Iran decides to close the Strait of Hormuz, reported Sputnik/RIA Novosti quoting a Turkish newspaper Hurriyet report on Monday. Esmail Kowsari, a member of the Iranian parliament's National Security and Foreign Policy Committee, said on Saturday that Tehran is considering shutting the strait in response to Israeli attacks. The strait handles 20 per cent of global oil shipments and 80 per cent of the oil and liquefied natural gas (LNG) trade for Iran, Saudi Arabia, and the UAE. bootstrap slideshow The newspaper predicts that the Israel-Iran conflict will persist for some time, adding that the impact of the war on the economy depends on the duration and escalation of attacks. A prolonged conflict could devastate economies, but if it ends within 14 days as planned, the effects would be limited. The Strait of Hormuz connects the Persian Gulf with the Gulf of Oman. Ships then enter the Arabian Sea and the Indian Ocean. The strait's northern coast belongs to Iran, while the southern part to Oman and the UAE. The strait handles 10–20 per cent of global oil and approximately 20 per cent of LNG shipments. On the night of June 13, the Israel Defence Forces (IDF) launched a large-scale operation dubbed Rising Lion, in which the Air Force strikes military targets and facilities of Iran's nuclear programme. The Israeli Air Force carried out several waves of attacks in various parts of Iran, including Tehran, where several senior Iranian military officials were killed, including the chief of the Iranian Armed Forces General Staff and the IRGC commander, as well as several nuclear scientists. Several nuclear facilities, including Natanz and Fordow, and Iranian military positions in various parts of the country were hit as well. Iran's Supreme Leader Ayatollah Ali Khamenei called the strikes on Iran a crime in a message to citizens, saying that Israel would face a "bitter and terrible fate." The IRGC said the Islamic Republic had launched Operation True Promise III against military targets in Israel in response to the attacks. --BERNAMA-SPUTNIK/RIA NOVOSTI
Euronews
2 days ago
- Politics
- Euronews
Iran mulling closure of Strait of Hormuz amid continuing conflict
Iran was mulling closing the Strait of Hormuz, a Revolutionary Guard commander told local media in an interview, as fighting continued into the second day of conflict. Sardar Esmail Kowsari, said that closing the Strait of Hormuz "is under consideration, and Iran will make the best decision with determination." More than 24 hours after Israel's initial strike on Iranian targets which killed three Iranian military commanders, the Israel Defense Forces (IDF) continued airstrikes on targets in Iran on Saturday. "The [Israeli Air Force] continues to strike targets to remove threats in Iran," the IDF posted on Telegram on Saturday morning alongside footage of aerial strikes. The development followed Iran's launch of a wave of retaliatory missile strikes into Israel overnight and into Saturday morning in response to Israel's attacks on its nuclear facilities and missile sites. Retaliatory strikes by Iran killed three people and injured dozens of others in Israel, while Iran's ambassador to the UN said 78 people were killed in Israeli strikes on Iran. Read our report of the day's events as they unfolded.
Shafaq News
2 days ago
- Politics
- Shafaq News
Iran mulls closing Strait of Hormuz after Israeli strikes
Shafaq News/ Iran is seriously considering shutting down the Strait of Hormuz, a key global oil route, following Israel's recent airstrikes on its territory, an Iranian lawmaker told Reuters on Saturday. Brigadier General Esmail Kowsari, a senior military official, had confirmed that the option is on the table. 'We are studying the matter carefully and will act decisively if necessary,' he said. The move follows ongoing Israeli attacks that began Friday, with fresh strikes today targeting military and nuclear sites in several Iranian provinces, including Tabriz, Khorramabad, and Kermanshah. The Strait of Hormuz, a narrow waterway between Iran and Oman, handles a significant portion of the world's oil shipments. Any closure would disrupt global energy supplies and maritime trade. Iran has previously threatened to block the strait in response to Western pressure, but the latest escalation raises the stakes. Jakob Larsen, chief safety and security officer at global shipping association BIMCO, confirmed that more vessel operators are avoiding the Red Sea and Persian Gulf. 'If the US is perceived to be involved [in the Israeli assault], the risk of escalation increases significantly,' he cautioned. "Such an escalation could include missile attacks on ships or laying of sea mines in the Strait."
