Strait of Hormuz Closure Sparks Global Oil Crisis After US-Israel Strikes on Iran
Following joint military attacks by the United States and Israel on Iran on February 28, 2026, Iran retaliated by effectively closing the Strait of Hormuz, a critical chokepoint for global energy supplies. This narrow waterway, only 21 miles wide at its narrowest point, typically handles approximately twenty percent of the world’s traded oil. The closure has caused oil prices to spike globally, with significant impacts on major Asian importers like China, India, and Japan, as well as Western consumers. In the US, gasoline prices have risen sharply, nearing $4.00 per gallon, raising affordability concerns among nearly half of Americans. Iran has utilized drones and missiles to target oil infrastructure in the Persian Gulf, including ports and refineries, drastically reducing tanker traffic. Although some pipelines offer limited bypass capacity, Iranian strikes have also reached facilities outside the strait, such as in Saudi Arabia and the UAE. While strategic reserves have been released to mitigate market pressure, experts warn that prolonged disruption will continue to drive up costs worldwide, benefiting some producers like Russia while harming global consumers.
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Strait of Hormuz Closure Sparks Global Oil Crisis After US-Israel Strikes on Iran
Following joint military attacks by the United States and Israel on Iran on February 28, 2026, Iran retaliated by effectively closing the Strait of Hormuz, a critical chokepoint for global energy supplies. This narrow waterway, only 21 miles wide at its narrowest point, typically handles approximately twenty percent of the world’s traded oil. The closure has caused oil prices to spike globally, with significant impacts on major Asian importers like China, India, and Japan, as well as Western consumers. In the US, gasoline prices have risen sharply, nearing $4.00 per gallon, raising affordability concerns among nearly half of Americans. Iran has utilized drones and missiles to target oil infrastructure in the Persian Gulf, including ports and refineries, drastically reducing tanker traffic. Although some pipelines offer limited bypass capacity, Iranian strikes have also reached facilities outside the strait, such as in Saudi Arabia and the UAE. While strategic reserves have been released to mitigate market pressure, experts warn that prolonged disruption will continue to drive up costs worldwide, benefiting some producers like Russia while harming global consumers.
AP News