Iran says Hormuz open for all but enemies. Too early for India to celebrate?
- Prashant Mukherjee
- ET PrimeUpdated: Mar 17, 2026, 16:39 IST IST
On regular days, cargo ships quietly sail through this narrow strip between the Persian Gulf and the Gulf of Oman, carrying 20% of the world’s oil and liquefied natural gas (LNG). But when war reaches the Strait of Hormuz, the world's busiest oil shipping channel with roughly 3,000 ships traversing it monthly, consequences are felt across continents. That’s exactly what the world is witnessing now.
On February 28, following the Israel-US strikes on Iran that killed its supreme leader Ayatollah Ali Khamenei, the country’s Islamic Revolutionary Guard Corps closed the Strait of Hormuz. Nearly 20 million barrels of crude oil and petroleum products pass through the Strait every day, accounting for about one-fifth of the world’s oil consumption and roughly one-third of globally traded LNG.
On February 28, following the Israel-US strikes on Iran that killed its supreme leader Ayatollah Ali Khamenei, the country’s Islamic Revolutionary Guard Corps closed the Strait of Hormuz. Nearly 20 million barrels of crude oil and petroleum products pass through the Strait every day, accounting for about one-fifth of the world’s oil consumption and roughly one-third of globally traded LNG.
