Iran has declared that the Strait of Hormuz is closed and that it will burn down any ship that attempts to travel through the area. The announcement made by Iranian state media was declared by Ebrahim Jabari, one of the main advisors to the top leadership of the Revolutionary Guard, this Monday (2). The decision comes after the death of the country’s supreme leader, Ayatollah Ali Khamenei, in an Israeli attack.
Hormuz is the maritime corridor through which around a fifth of the world’s oil passes, making it one of the most sensitive points in international energy security. Located between Iran and Oman, it is the route used by ships coming from the Persian Gulf towards the Arabian Sea. It is one of the main strategic bottlenecks on the planet, a type of channel just 33 kilometers wide at its narrowest point, and Iran controls the northern coast of the region.
This Monday, a barrel of Brent — crude oil originally extracted from the North Sea — rose 13%, to US$82.37, but ended the day at US$77.74, an increase of 6.7%. West Texas crude oil, from the United States, closed at US$71.23, an increase of US$4.21, or 6.3%.
