Iran Closes Strait of Hormuz and Vows Revenge — Oil Markets on Edge
Iran's Islamic Revolutionary Guard Corps declared the Strait of Hormuz closed 'until further notice', fired a warning shot at a vessel in the strait, and warned the US against any aggressive response. Iran's Supreme Leader Ayatollah Mojtaba Khamenei separately vowed revenge for his father's killing, saying vengeance 'must inevitably be carried out'. Iran also warned it will not be bound by its deal with the US if violations continue.
Why It Matters
The Strait of Hormuz handles a huge share of the world's oil supply. Any prolonged closure could send global oil prices sharply higher — something that directly hits every Indian who buys fuel, cooking gas, or any product that relies on transport.
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