Iran Closes Strait Of Hormuz Amid Us-Israel Military Actions

On February 28, 2026, significant developments unfolded regarding the Strait of Hormuz, a crucial maritime route for global oil and gas shipments. Following U.S. and Israeli military actions against Iran, the Iranian Revolutionary Guards announced the closure of the Strait, stating that "no ship is allowed to pass the Strait of Hormuz." This closure has prompted several oil majors and trading houses to suspend shipments, with reports indicating that "our ships will stay put for several days," according to a top executive from a major trading desk (Business Recorder). The situation has escalated to the point where approximately 20% of the world's oil supply, which equates to about 20 million barrels per day, is now at risk, as vessels are seen piling up near ports like Fujairah in the UAE, unable to transit through the strait (Middle East Eye).