Strait of Hormuz closure sparks concern over possible global oil shock

The conflict in Iran is leading to fears of a new global oil shock. Crude futures spiked by some 8% on March 2nd as Iranian attacks on tanker ships in the Strait of Hormuz have resulted in the effective closure of the key shipping route. The waterway connects the Persian Gulf to the Gulf of Oman - it's a crucial choke point for a fifth of the world's total oil consumption.

Mar 2, 2026 - 14:00
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Strait of Hormuz closure sparks concern over possible global oil shock
The conflict in Iran is leading to fears of a new global oil shock. Crude futures spiked by some 8% on March 2nd as Iranian attacks on tanker ships in the Strait of Hormuz have resulted in the effective closure of the key shipping route. The waterway connects the Persian Gulf to the Gulf of Oman - it's a crucial choke point for a fifth of the world's total oil consumption.

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