Iran-US-Israel War: Amid ongoing war in the Middle East, an Islamic Revolutionary Guard Corps (IRGC) general warned that Iran would attack "all economic centres" of the region if the US attacks its main centres. He further stated that the Strait of Hormuz has been closed, adding that the prices of oil and other products are likely to surge in the upcoming days. Ebrahim Jabbari, a senior official, asserted that it will continue to attack the US bases in the Arab nations. The closure of the Strait of Hormuz is also likely to affect the oil prices in India and other neighbouring nations.

'Strait of Hormuz Has Been Closed'

While discussing the strategy, Jabbari stated that all economic centres of the Middle East will be targeted, adding that the surge in the prices of crude oil will trouble the allies of the US. "We are saying to the enemy that if it decides to hit our main centres, we will hit all economic centres in the region," Jabbari was quoted as saying by Iranian news agency ISNA.

"We have closed the Strait of Hormuz. Currently, the price of oil is above USD 80 and will soon reach USD 200," he added. As the war has continued for a straight five days, Brent crude prices surpassed USD 85 per barrel (Rs 7,819 per 159 liters in Indian currency), the first time since July 2024.

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How Vital Is Strait of Hormuz? 

The Strait of Hormuz is a vital route for the carrying of crude oil, and its closure is set to affect the prices in several nations, especially the Asian countries. As per the reports, around 20 per cent of the world's oil and gas supplies pass through the Strait of Hormuz.

Apart from this, LNG supplies from countries like Qatar and the UAE also flow through this chokepoint. The experts suggest that the global supply chain will be severely affected if the route remains disrupted for a long time. They further stated that the decision is also likely to affect the economy of oil-importing countries. India imports more than 80 per cent of its crude oil needs.

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