ANY move by Iran to close the Strait of Hormuz in response to recent military actions would have far-reaching consequences for the global oil market, affecting not only the United States but all nations, warned Kirill Dmitriev, Chief Executive Officer of the Russian Direct Investment Fund (RDIF).
Speaking via social media platform X, Dmitriev stressed that global oil prices are interlinked and that no country would remain insulated from the fallout of a closure.
“Oil prices are determined globally. If the Strait of Hormuz is closed, the United States will not be spared. No one is immune to a global oil shock – petrol prices at the pump will surge,” he said.
Iran has repeatedly asserted its right to block the vital waterway as a retaliatory measure following attacks by Israel. On Sunday, a member of the Iranian Parliament’s National Security and Foreign Policy Commission, Esmail Kowsari, confirmed that lawmakers had endorsed the proposed closure.
Brent crude futures rose sharply in response to rising tensions in the region, climbing 2.45 per cent to US$77.33 per barrel as of 11.48pm on Sunday, according to trading data.
The Strait of Hormuz, a strategic chokepoint through which roughly one-fifth of the world’s oil supply transits, has long been a flashpoint in regional geopolitics, and its disruption could trigger severe energy and economic repercussions worldwide. - June 23, 2025
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