Iran Threatens to Close Strait of Hormuz After US Strikes, Fuel Prices May Surge Globally

Following US strikes on Iran’s nuclear sites in 2025, tensions in the Gulf have escalated sharply. The Iranian Parliament has approved a proposal to potentially close the Strait of Hormuz, a vital oil trade route. This strategic waterway, only 167 km long, sees the passage of 20 million barrels of crude oil and 250 million cubic meters of gas daily—about 20–26% of the world’s total. If closed, global oil prices could spike to $130 per barrel, affecting fuel costs worldwide, including India, which imports over 80% of its crude oil needs. The Indian economy, already impacted by a weak rupee and fluctuating demand-supply, may see rising petrol and diesel prices. Though Iran hasn't officially blocked the strait, threats have reduced tanker movement, as shown by maritime data. India, heavily dependent on Middle Eastern oil, may face inflation despite increased imports from Russia and the US. Experts warn the crisis could impact global energy markets, and social media sentiment largely blames the US for intensifying Iran-Israel tensions. Any blockade of this critical chokepoint could have disastrous consequences not just for fuel prices but also for global peace and economic stability.