Following US airstrikes on three Iranian nuclear facilities, Iran is reportedly planning to close the Strait of Hormuz, a vital oil shipping route, according to Iranian media.

The strait, a 33-km-wide chokepoint connecting the Persian Gulf to the Arabian Sea, handles a fifth of global oil and gas supply. Its narrow 3-km shipping lanes are vulnerable to disruptions, impacting exports from Saudi Arabia, Iraq, UAE, Qatar, Iran, and Kuwait.

While the West once bore the risk, China and Asia now face significant exposure. India, importing 2 million barrels daily through the strait, remains resilient due to diversified sources like Russia, the US, and Brazil.

Qatar, India’s main LNG supplier, bypasses the strait. However, analysts predict a near-term oil price surge to $80 per barrel amid heightened tensions in this critical energy corridor.