Summary
- Iran’s Islamic Revolutionary Guard Corps navy said the Strait of Hormuz has been closed until further notice.
- It said a prolonged closure of the Strait of Hormuz could directly affect global oil prices, maritime transport, and global inflation pressures.
- Markets see the move as a factor that could add pressure to US-Iran tensions, energy supply concerns, and sentiment toward risk assets.
Forecast Trend Report by Period
Iran’s Islamic Revolutionary Guard Corps navy said the Strait of Hormuz has been closed until further notice.
Walter Bloomberg, an overseas breaking-news account, reported on July 12 that the IRGC navy announced that “the Strait of Hormuz is closed until further notice.”
The announcement followed warning shots at a vessel that tried to use an unauthorized route. Iranian state media reported that the ship had attempted to pass through an unapproved passage.
The Strait of Hormuz is a key maritime chokepoint for Middle Eastern crude oil and liquefied natural gas shipments. A prolonged closure could directly affect global oil prices, maritime transport and inflation pressures worldwide.
Markets are treating the move as a potential trigger for renewed tensions between the US and Iran. Rising concern over energy supplies could also weigh on appetite for risk assets.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.