Iran Closes Strait of Hormuz

On March 3, 2026, Iran's Islamic Revolutionary Guard Corps (IRGC) announced the closure of the Strait of Hormuz, a critical maritime passage through which approximately 20% of global oil trade flows. This action was in response to joint U.S.-Israeli military operations targeting Iranian sites. The closure has led to a significant disruption in global energy supplies, causing oil prices to surge and prompting major shipping firms to suspend operations in the area.