IranYīlǎng伊朗to close / to shut downguānbì关闭Strait of HormuzHuòěrmùzī Hǎixiá霍尔木兹海峡，global / worldwidequánqiú全球oil priceyóujià油价sharply / drasticallyjíjù急剧to climb / to rise steadilypānshēng攀升。
March 4, 2026 at 6:00 PM
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China & WorldIran Closes Strait of Hormuz, Global Oil Prices Surge
After Iran declared the Strait of Hormuz closed, global oil shipping fell into crisis and Brent crude surged past $126 per barrel within days. The blockade affects roughly 20 percent of the world daily oil supply, prompting several governments to tap strategic reserves.
On March 2, Iran's Islamic Revolutionary Guard Corps officially announced the closure of the Strait of Hormuz and threatened to attack any vessels attempting to transit through. This closure represents Iran's significant retaliatory measure following large-scale military strikes from the United States and Israel. The Strait of Hormuz is the world's most critical petroleum transportation passage, with approximately 20 percent of global oil supply flowing through this channel daily. Following the strait's closure, oil tanker traffic plummeted by about 70 percent, with over 150 vessels anchoring outside the strait awaiting passage. Brent crude oil futures prices surged dramatically, breaking $100 per barrel for the first time on March 8, setting a new high in nearly four years. Subsequently, crude oil prices continued to climb further, reaching a peak of $126 per barrel, marking the highest point in recent years. The global energy market fell into turbulence, with multiple governments initiating strategic oil reserves to stabilize supply shortages. On March 19, the United States military launched operations attempting to forcibly reopen shipping channels in the Strait of Hormuz.
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