1016 Iran Just Closed the Strait of Hormuz — Monday Will Change Everything

1 Mar 2026Iran has closed the Strait of Hormuz, a crucial global shipping lane, following US and Israeli strikes. This closure, confirmed by multiple sources, effectively blocks the passage of 20 million barrels of oil daily, potentially triggering a global recession. The closure has already led to the suspension of shipments by major oil companies and a significant increase in insurance premiums.Iran’s closure of the Strait of Hormuz, a crucial oil transit route, could lead to a global recession. The closure, coupled with Iran’s retaliatory strikes on six countries, has disrupted oil supply and raised concerns about a prolonged conflict. The Trump administration’s decision to release oil from the Strategic Petroleum Reserve could mitigate the impact on oil prices.