As the closure of the Strait of Hormuz disrupted oil and gas shipments from the region and unsettled global markets, Iran's Islamic Revolutionary Guard Corps (IRGC) has stated that the sea passage is closed to vessels from the United States, Israel, Europe and their Western allies.
The announcement was made on Thursday through Iran's state broadcaster IRIB, reported NDTV.
“We had previously said that, based on international laws and resolutions, in times of war, the Islamic Republic of Iran will have the right to control the passage through the Strait of Hormuz,” said the Islamic Revolutionary Guard Corps, according to state broadcaster IRIB.
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Iran's statement also suggests that non-Western countries may still be able to move vessels through the strait.
Following the US-Israel attack on Tehran and other cities, Iran announced the closure of the Strait of Hormuz and threatened to set ships on fire if they enter the strait, even as it targeted US assets in surrounding countries.
The shipping lanes in the strait are only two miles wide in each direction, but around 20 per cent of the world's oil and liquified natural gas (LNG) flows through them.
ALSO READ: 23,000 Indian Seafarers Stuck In Gulf Region Near Strait of Hormuz
The closure of the Strait of Hormuz has affected shipping movement, putting Asian countries at risk from oil and gas supply disruptions.
According to international research group Zero Carbon Analytics, around 20 per cent of the world's oil and LNG passes through the two-mile-wide shipping lanes in the Strait of Hormuz, making it a major chokepoint in global energy supply.
China and India are the largest single destinations for oil and LNG travelling through the strait, reported PTI quoting the research group.
ALSO READ: Iran Will Allow Only Chinese Vessels To Pass Through Strait Of Hormuz: Report
The Global Trade Research Initiative (GTRI) said that if disruptions to shipping through the Strait of Hormuz continue beyond a week, the effects could quickly spread from energy markets to fertiliser supplies, manufacturing inputs, construction materials and export industries such as diamonds.
Meanwhile, the Tea Association of India said that Indian tea exports could face significant disruption as a substantial portion of India's tea shipments to key markets in the Persian Gulf region, including Iraq, Iran, Kuwait, Saudi Arabia, Bahrain, Qatar and the United Arab Emirates, pass through the strategic strait.
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