Iran’s Revolutionary Guard Corps announced that the Strait of Hormuz will remain closed only to vessels from the United States, Israel, Europe, and their allies.
Iran’s Position
The IRGC stated that during wartime, Iran reserves the right to regulate passage through the strait. It warned that ships belonging to Western nations and their supporters would be targeted if detected.
Impact on Global Shipping
The Strait of Hormuz carries nearly one-fifth of the world’s seaborne oil. Since the US-Israel joint military operation against Iran began last week, traffic through the strait has largely halted. Oil prices surged as companies avoided the route, raising fears of global economic disruption.
China’s Special Access
Iran indicated earlier this week that only Chinese-flagged vessels would be permitted to cross, calling it a gesture of appreciation for Beijing’s support. This decision underscores Tehran’s attempt to strengthen ties with China amid the crisis.
Implications for India
India, which once imported 13 per cent of its oil from Iran, could see opportunities if Tehran allows non-Western nations access to the strait. Analysts suggest that India may benefit from renewed trade routes if restrictions remain limited to Western vessels.
