Introduction.

The Strait of Hormuz, located between the coast of Iran to the north and Oman with the United Arab Emirates to the south, represents one of the most vital arteries of the modern global economy. Its strategic importance is determined by the fact that a significant portion of global oil and liquefied natural gas exports passes through this narrow maritime corridor. In late February 2026, the region became the epicenter of an acute military conflict between Iran and a coalition led by the United States and Israel, resulting in the effective blockade of the strait and threatening the stability of global energy markets.

I. Geographical Location and Characteristics.

The Strait of Hormuz is located in the northwestern Indian Ocean, connecting the Persian Gulf with the Gulf of Oman, which leads to the Arabian Sea and onward to the Indian Ocean. Its length is 195 kilometers, width varies from 54 to 116 kilometers, and the depth of the navigable channel reaches 27 to 229 meters. The northern shore of the strait belongs to Iran, the southern shore to Oman and the United Arab Emirates.

A critically important feature of the strait is its narrowness at the most constricted point. The width here is only 54 kilometers, but considering the territorial waters of the coastal states of 22 kilometers on each side, only two narrow corridors approximately 2.5 kilometers wide remain for international shipping. This makes the strait a classic example of a maritime chokepoint in global logistics.

II. Economic Significance: Oil, Gas, and Global Trade.

Approximately 20 percent of all global oil supplies and about one-fifth of maritime liquefied natural gas shipments pass through the Strait of Hormuz. According to expert estimates, up to 16.5 million barrels of oil are transported through the strait daily, accounting for nearly one-third of the entire global maritime oil exports.

The main oil suppliers exporting through the Strait of Hormuz are Saudi Arabia, accounting for more than one-third of the total volume; Iraq with approximately 23 percent; the United Arab Emirates with 13 percent; Kuwait with 10 percent; Iran with 11 percent; and Qatar with 4 percent.

In the liquefied natural gas sector, Qatar holds a dominant position, exporting over 9 billion cubic feet per day, along with the United Arab Emirates with approximately 0.7 billion cubic feet per day.

Notably, the primary consumers of energy resources passing through the strait are Asian countries. China receives nearly 38 percent of all oil transiting the Strait of Hormuz, India approximately 15 percent, South Korea 12 percent, and Japan 11 percent. In total, nearly 90 percent of oil and over 80 percent of liquefied natural gas transported through the strait are destined for Asian markets.

III. Geopolitical Context and Current Conflict.

The Strait of Hormuz has repeatedly become an arena of confrontation. In the 1980s, during the Iran-Iraq War, the so-called "Tanker War" unfolded here, during which over five hundred vessels were damaged. For decades, Iran threatened to close the strait in response to international sanctions or military actions, but until recently these threats were not fully realized.

The situation changed dramatically on February 28, 2026, when the United States and Israel launched a military operation against Iran, striking Tehran, nuclear facilities, and government leadership residences. The US President confirmed the start of hostilities, stating the need to eliminate the threat posed by the Iranian regime. The strikes resulted in several hundred deaths, including Iran's Supreme Leader.

In response, Iran announced the cessation of shipping through the Strait of Hormuz. In the first days of March, the Deputy Commander of the Islamic Revolutionary Guard Corps Navy declared complete Iranian control over the strait, warning that any vessels attempting to pass through risked being attacked by missiles or drones. The Revolutionary Guard later clarified that the ban applied only to vessels from the United States, Israel, and their allies.

In the first days of March, several incidents occurred in the strait and adjacent waters. On March 1, a tanker flagged to the Marshall Islands was attacked by a drone, resulting in the death of a crew member. The same day, a tanker flagged to Palau was hit by a missile, sustaining critical damage and beginning to sink. On March 2, another tanker was shelled in the port of Bahrain.

IV. Impact on Global Economy and Markets.

The effective blockade of the Strait of Hormuz and attacks on tankers immediately impacted global markets and logistics. By March 3, according to maritime agencies, at least one hundred and fifty tankers carrying crude oil, liquefied gas, and petroleum products had anchored in open waters of the Persian Gulf awaiting passage. In total, by some estimates, up to seven hundred vessels accumulated near the strait.

Brent crude oil prices rose to 82-84 dollars per barrel. Experts warn that if the blockade continues for more than three to four weeks, prices could exceed 100 dollars per barrel.

A critical issue has become vessel insurance. Eight of the twelve largest global insurers canceled war risk insurance for vessels in the region, while the remaining insurers raised rates tenfold, reaching one million dollars for a single tanker passage.

Particular concern surrounds potential helium shortages, widely used in medicine and high-tech industry. Qatar, whose exports depend on passage through the Strait of Hormuz, is the world's largest supplier of this gas. Shutdown of processing facilities in the region could lead to the loss of up to 60 percent of global helium supplies.

Europe, having abandoned Russian energy resources, finds itself in a particularly vulnerable position. According to European political assessments, if the situation continues, Europe will face catastrophic consequences for its economy.

V. Alternative Routes and Prospects.

Partial alternatives to the Strait of Hormuz exist through pipelines. The United Arab Emirates operates an oil pipeline to the Gulf of Oman port of Fujairah with capacity of approximately 1.8 million barrels per day. Saudi Arabia has pipeline capacity to the Red Sea of up to 5 million barrels per day. However, these capacities cannot fully compensate for the strait blockade.

The United States has announced readiness to escort oil tankers and provide insurance coverage. Meanwhile, US military forces reported destroying several Iranian vessels, including a submarine.

Experts note that regardless of whether the strait is officially closed or merely becomes inaccessible due to high risks, the consequences for global trade remain identical. Military operations in the strait are already underway, and confidence in the region as a logistics hub has been undermined, which will have long-term consequences even after possible conflict resolution.

Conclusion.

The Strait of Hormuz represents a unique example of a maritime artery upon whose functioning the energy security of a significant portion of the planet depends. The events of February-March 2026 have realized the worst-case scenario that experts feared for decades: the strait became the epicenter of a full-scale military conflict, and its blockade became reality. The consequences of this crisis extend far beyond regional politics, affecting energy prices, financial market stability, and the availability of critically important resources for the global economy. Further developments will depend on the outcome of the military confrontation and the international community's ability to find a diplomatic solution capable of restoring navigation safety in this critical chokepoint of global trade.

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