Iran closes Strait of Hormuz and will ensure oil prices reach $200 after a sharp escalation in the US-Israel conflict with Iran. Iranian state media reported that the decision followed the killing of Supreme Leader Ayatollah Ali Khamenei in a joint military strike. The Strait of Hormuz is a key route for global oil and gas shipments, carrying about 20 percent of daily world oil consumption. Iranian commanders warned that any ship attempting to pass would be attacked. The move has raised fears of supply disruption, higher gasoline prices, and further military action across the Middle East and Gulf region.
Iran Closes Strait of Hormuz and Will Ensure Oil Prices Reach $200
Iran closes Strait of Hormuz and will ensure oil prices reach $200, according to statements by Brigadier General Ebrahim Jabbari of the Islamic Revolutionary Guard Corps. He warned that any ship attempting to pass would be set on fire. He also said Iran would attack oil pipelines and block exports from the region.
The Strait of Hormuz carries around 20 million barrels of oil daily. It also handles liquefied natural gas exports from Qatar and the United Arab Emirates. The closure threatens global supply chains.
Iran’s IRGC said it attacked the ATHE NOVA oil tanker with drones. The vessel was reported to be on fire. The IRGC also claimed it shot down 29 drones since the war began.
US Military Operation And Target Strikes
The US Central Command, known as Centcom, said “Operation Epic Fury” began at 01:15 ET on 28 February. More than 1,250 targets were struck in the first 48 hours. Targets included missile sites, navy ships, submarines, air defence systems, and IRGC headquarters.
Centcom said 11 Iranian vessels in the Gulf of Oman were destroyed. US assets used included B-1 bombers, F-16 jets, aircraft carriers, and guided-missile destroyers.
Satellite images showed smoke rising from vessels at Bandar Abbas military harbour. One ship measured over 750 feet and had been converted into a naval vessel.
Oil And Gasoline Price Impact
Iran closes Strait of Hormuz and will ensure oil prices reach $200, raising concerns over fuel costs. US crude rose 6 percent. Gasoline futures increased 9.1 percent to $2.496 per gallon.
Amy Myers Jaffe of New York University said crude takes six weeks to become gasoline. Ken Medlock from Rice University said a $10 rise in oil can increase gasoline prices by 25 cents per gallon. Consumers may see higher pump prices within a week.
Wider Conflict And Security Measures
US President Donald Trump said he has not ruled out ground troops in Iran. He outlined goals including destroying Iran’s missile systems and navy.
Jamie Dimon warned of possible cyber or terrorist attacks. Security has increased at the US Capitol, though no specific threats were identified.
Israeli strikes in Lebanon killed 52 people and displaced over 28,500. A drone hit a fuel tank terminal in Abu Dhabi but operations continued.
FAQs
1. Why did Iran close the Strait of Hormuz?
Iran closes Strait of Hormuz and will ensure oil prices reach $200 after US-Israel strikes killed Ayatollah Ali Khamenei. Iran aims to block oil exports and retaliate against military attacks.
2. How will Iran closing the Strait of Hormuz affect gasoline prices?
Iran closed Strait of Hormuz, limiting oil supply. Experts say a $10 oil rise can increase gasoline by 25 cents per gallon within days.
Iran Closes Strait of Hormuz and Will Ensure Oil Prices Reach $200
Iran closes Strait of Hormuz and will ensure oil prices reach $200, according to statements by Brigadier General Ebrahim Jabbari of the Islamic Revolutionary Guard Corps. He warned that any ship attempting to pass would be set on fire. He also said Iran would attack oil pipelines and block exports from the region.The Strait of Hormuz carries around 20 million barrels of oil daily. It also handles liquefied natural gas exports from Qatar and the United Arab Emirates. The closure threatens global supply chains.
Iran’s IRGC said it attacked the ATHE NOVA oil tanker with drones. The vessel was reported to be on fire. The IRGC also claimed it shot down 29 drones since the war began.
US Military Operation And Target Strikes
The US Central Command, known as Centcom, said “Operation Epic Fury” began at 01:15 ET on 28 February. More than 1,250 targets were struck in the first 48 hours. Targets included missile sites, navy ships, submarines, air defence systems, and IRGC headquarters.Centcom said 11 Iranian vessels in the Gulf of Oman were destroyed. US assets used included B-1 bombers, F-16 jets, aircraft carriers, and guided-missile destroyers.
Satellite images showed smoke rising from vessels at Bandar Abbas military harbour. One ship measured over 750 feet and had been converted into a naval vessel.
Oil And Gasoline Price Impact
Iran closes Strait of Hormuz and will ensure oil prices reach $200, raising concerns over fuel costs. US crude rose 6 percent. Gasoline futures increased 9.1 percent to $2.496 per gallon.Amy Myers Jaffe of New York University said crude takes six weeks to become gasoline. Ken Medlock from Rice University said a $10 rise in oil can increase gasoline prices by 25 cents per gallon. Consumers may see higher pump prices within a week.
Wider Conflict And Security Measures
US President Donald Trump said he has not ruled out ground troops in Iran. He outlined goals including destroying Iran’s missile systems and navy.Jamie Dimon warned of possible cyber or terrorist attacks. Security has increased at the US Capitol, though no specific threats were identified.
Israeli strikes in Lebanon killed 52 people and displaced over 28,500. A drone hit a fuel tank terminal in Abu Dhabi but operations continued.
FAQs
1. Why did Iran close the Strait of Hormuz?
Iran closes Strait of Hormuz and will ensure oil prices reach $200 after US-Israel strikes killed Ayatollah Ali Khamenei. Iran aims to block oil exports and retaliate against military attacks.
2. How will Iran closing the Strait of Hormuz affect gasoline prices?
Iran closed Strait of Hormuz, limiting oil supply. Experts say a $10 oil rise can increase gasoline by 25 cents per gallon within days.
