According to Iranian media, a commander in the Islamic Revolutionary Guard Corps said on Monday that Iran had closed the Strait of Hormuz and would set fire to any ship attempting to pass through it—a threat that could disrupt one-fifth of global oil flows and send crude prices higher.
The Strait of Hormuz is widely regarded as the world’s most strategic maritime passage for the trade in oil and gas.
Around 20 million barrels of crude oil and refined products transit the strait each day, equivalent to 20% of global consumption. The strait is also a gateway for nearly one-fifth of global liquefied natural gas trade, mainly from Qatar.
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