Iran closes Strait of Hormuz: Will attack any ship attempting to pass

(Patria) - Iran has closed the Strait of Hormuz, the Iranian Revolutionary Guard (IRGC) announced. The IRGC added that the army will set fire to any ship attempting to pass.

The Middle East is the world's leading oil-producing region, and its waterways are a key route for maritime trade. This is particularly true for the Strait of Hormuz, through which a fifth of the world's oil trade passes, or 21 million barrels per day.

The strait is a narrow passage leading from the Persian Gulf into the Gulf of Oman, and then into the Arabian Sea and the Indian Ocean. It is about 160 kilometers long and only 39 kilometers wide at its narrowest point. It is bordered by Iran to the north and the United Arab Emirates and Oman to the south.

Countries on the opposite side of the Persian Gulf from Iran - including the UAE, Kuwait, Bahrain, and Qatar - produce a significant portion of the world's oil. However, the strait is the only way tankers with their oil can access the rest of the world, making it one of the most strategically important chokepoints in global trade.

Blockades in the strait could push oil prices above $100 (£74) a barrel, analysts at Goldman Sachs previously estimated.