Iran Closes Strait of Hormuz
Analysis based on 9 articles · First reported Mar 02, 2026 · Last updated Mar 03, 2026
The closure of the Strait of Hormuz by the Islamic Revolutionary Guard Corps has caused global Petroleum and natural gas prices to soar, raising fears of severe supply disruptions and economic instability. The United States has indicated it will take measures to mitigate these rising energy prices.
Iran's Islamic Revolutionary Guard Corps (IRGC) has declared the Strait of Hormuz closed and threatened to attack any vessel attempting to pass through, in retaliation for US-Israeli strikes that killed Iranian Supreme Leader Ali Khamenei. Ebrahim Jabbari, a senior IRGC adviser, stated that oil pipelines would be targeted, and no oil would be allowed to leave the region, predicting Petroleum prices could reach $200. This strategic waterway is crucial for global oil transit, with approximately 20% of the world's supply passing through it. The escalation has already led to sharp increases in energy prices, with natural gas prices rising significantly after QatarEnergy halted production due to attacks on its facilities. Saudi Arabia's Saudi Aramco===Ras Tanura Refinery also came under drone attack. The United States has announced plans to mitigate the rising energy prices.
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