Iran vows to close Strait of Hormuz:Brent crude stable at $80 per barrel

Iran has vowed to close the largest oil supply route of the world, the Strait of Hormuz. Already, there is hardly any movement of vessels through this narrow sea passage. On Tuesday, 3 March 2026, the international standard, Brent crude traded at an elevated level of $80 per barrel. Since, the US and Israel’s joint attack on Iran began on Saturday, 28 February, 2026, the oil prices have risen over 10%. What is the Strait of Hormuz? The Strait of Hormuz is a narrow waterway that connects the Persian Gulf to the Gulf of Oman and further to the Arabian Sea. Iran is located to its north. Oman and the United Arab Emirates, ie, UAE, are to the south. All oil-producing countries are around it. Therefore, oil is supplied worldwide through this waterway. The Strait of Hormuz is about 167 km long. Its two ends are about 50 km wide, while the narrowest part is about 33 km wide. A 3 km wide shipping lane is designated for incoming and outgoing sea traffic. Why is the Strait of Hormuz so important? According to the United States Energy Information Administration (EIA), about 20% of the world’s total petroleum passes through the Hormuz Strait. Every day, approximately 17.8 million to 20.8 million barrels of crude oil and fuel are transported via this route. According to the International Energy Agency (IEA), Iran itself exports 1.7 million barrels of petroleum daily through this route. The security of commercial ships passing through this route is handled by a unit of the U.S. Navy. Besides Iran, other Gulf countries like Iraq, Kuwait, Saudi Arabia, and the UAE also export most of their oil through this route. Most of this export is to Asian countries. In 2022, 82% of the total oil passing through Hormuz went to Asian countries. Has the Hormuz Strait ever been closed before? Iran has often threatened to close the Strait of Hormuz but never acted on it. 1980–88: During the Iran-Iraq war, both sides attacked ships; Iran targeted U.S. vessels and threatened closure. Post-2000: As nuclear tensions rose, Iran repeatedly issued threats. 2007: Naval standoff with the U.S., but no attack. 2019: Iran shot down a U.S. drone. 2023: Iran seized a crude tanker, releasing it a year later. Can other sea routes compensate for the blockade of Hormuz? Due to continuous threats from Iran to close the Strait of Hormuz in the past, Saudi Arabia and UAE have built pipelines through which oil can be sent. Saudi Arabia’s 12,000 km long East-West pipeline can send 5 million barrels of oil every day. Since 2019, it has also been using a gas pipeline to send crude oil. The UAE has also built a pipeline connecting to the Gulf of Oman, which can send about 1.5 million barrels of oil every day. Iran inaugurated a pipeline with a capacity of 350,000 barrels per day in 2021. However, reports claim that such a pipeline does not exist. However, the daily oil sending capacity of all these pipelines is much less than the 14 million per day of the Hormuz Strait