The Iranian Revolutionary Guard Corps (IRGC) announced the complete closure of the strategic Strait of Hormuz.
The decision comes immediately after a serious incident with two oil tankers and after the end of the seventh consecutive night of massive US airstrikes on Iranian targets.
Explosions in the Strait of Hormuz and blockade of the oil route
According to an official statement from the Islamic Revolutionary Guard Corps (IRGC), quoted by Iranian state media, two oil tankers exploded and caught fire after being entered a mined section in the southern part of the strait. Tehran blamed the incident on “American aggression“ and categorically declared the international waterway “completely closed“.
The Iranian military warned all international vessels not to pass through the corridor so as not to put human lives and cargo at risk. Information about the incident was promptly disseminated by a number of world agencies, including the extraordinary chronicles of The Times of Israel and the regional portal Middle East Eye.
The American offensive began exactly one week ago, after a series of Iranian attacks on merchant ships and military posts in the region.
Economic shock: Oil market forecasts
Economic experts and energy analysts are warning of severe consequences for the global economy. Since Nearly one-fifth of the world's oil consumption passes through the Strait of Hormuz, and its complete blockade immediately reflects on the stock markets.
Leading financial analysts, quoted by Bloomberg, predict:
Price jump: The expectation is that crude oil of the “Brent“ type will cross the psychological threshold of 120 dollars per barrel as soon as the markets open. In the event of a prolonged blockade, prices could reach the unprecedented 150 dollars. Logistical chaos: Rerouting tankers around Africa (via the Cape of Good Hope) will extend deliveries by two weeks and drastically increase transportation costs. Global Inflation: Rising fuel prices will inevitably lead to a new round of inflationary pressures in Europe and the US, affecting the supply chains of all major commodities.As of 04:30 Bulgarian time, the situation in the region remains critical and highly dynamic. The international community is watching with concern whether diplomatic pressure will succeed in deescalating the tension, or the world is facing a full-scale energy and military crisis.