Iran’s army has announced the temporary closure of some parts of the Strait of Hormuz. This step of Iran has created a huge stir in the oil market of Gulf countries and the whole world. This incident has happened at a time when a new round of talks has started between Iran and America regarding the nuclear deal. Iran has called it part of a military exercise, but this poses a threat to the global economy.
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What is the whole matter and the main reason for closing the road?
Iran’s Revolutionary Guard Corps (IRGC) launched military exercises named “Smart Control of the Strait of Hormuz” on 17 and 18 February 2026. During this time, this important sea route was kept closed for a few hours due to security reasons and live-fire drill. According to Iranian officials, this exercise was done to show its security strength. During this period, missiles were also fired from the coast, which has increased concern at the international level.
What will be the impact of this decision on India and Gulf countries?
The Strait of Hormuz is considered the world’s most important oil route because about 20 percent of the world’s oil passes through it. If this route remains closed for a long time, the price of crude oil may cross $ 100 per barrel. This is a matter of great concern for countries like India.
Imports from India: India imports 40 percent of its crude oil needs through this route.
Gas supply: More than 50 percent of India’s LNG imports also depend on this route.
Impact on Gulf countries: Big oil exporting countries like Saudi Arabia and UAE are completely dependent on this route for their economy.
What changes were seen in oil prices?
After this action of Iran, fluctuations in crude oil prices were seen. As soon as the news of the military exercise came, the prices of Brent crude increased, although later there was a slight decline in them.
Type of oil Price (after the rise) Situation after the fall Brent Crude $67.50 per barrel $67.03 per barrel US Oil – $62.06 per barrel
Experts say that any kind of obstruction in this path can increase inflation all over the world. America has increased its naval presence in the region and the situation is being monitored. According to international laws, this is a shared path, but Iran has been trying to impose its own strict rules regarding it.
