Following the reported death of Iran’s Supreme Leader Ayatollah Ali Khamenei, tensions across the Middle East have intensified. Iran has announced the closure of the strategic Strait of Hormuz, a key passage for global oil trade, heightening concerns among international markets.
On Sunday, Iranian forces reportedly attacked an oil tanker near the port of Khasab, off Oman’s Musandam Peninsula. The tanker, flying a Palau flag, carried 20 crew members, including 15 Indians and five Iranians. Oman confirmed that three crew members sustained injuries during the assault.
The Strait of Hormuz, located between Oman’s Musandam Peninsula and Iran, is only 33 kilometers wide but is one of the world’s most critical oil chokepoints. Approximately 20 percent of global oil shipments pass through this narrow route, including exports from Saudi Arabia, Iran, the UAE, Kuwait, and Iraq.
India relies heavily on this corridor for crude imports, with nearly half of its daily oil imports—around 5.5 million barrels—transported via the Strait of Hormuz. The recent closure is expected to significantly impact global oil markets, raising concerns over supply disruptions and rising prices.