Iran says the Strait of Hormuz is now closed and will strike any ship that attempts to pass through.

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According to CCTV News, late at night local time on March 2, an advisor to the commander of the Islamic Revolutionary Guard Corps of Iran stated that the Strait of Hormuz has been closed, and Iran will strike any vessels attempting to pass through the Strait. So far, the Islamic Revolutionary Guard Corps has not issued an official statement.

On the same day, Jeremy Nixon, CEO of container shipping company Ocean Network Express, revealed that after the US and Israel launched attacks on Iran, about 750 ships are currently stranded around the Strait of Hormuz, including approximately 100 container ships. Around 10% of the global container ship fleet is trapped there.

The International Transport Workers' Federation and the Joint Negotiating Group issued a statement on their official website, declaring that the Strait of Hormuz and its surrounding waters have been designated a "high-risk area" following the escalation of local military conflict. This designation means that ship owners and operators must ensure enhanced protection for seafarers, including risk assessments before transit, contract insurance, and the right for seafarers to refuse to enter the area. The International Transport Workers' Federation represents 16.5 million transport workers worldwide, and the Joint Negotiating Group brings together employers in the maritime industry.

Currently, as Iran retaliates against US and Israeli strikes, marine insurance companies have suspended navigation through the straits between Iran and Oman. This strait handles about one-fifth of global oil consumption and a large amount of natural gas transportation. 

The disruption of energy transportation through the Strait of Hormuz is disturbing the pricing of several major global crude grades. On March 2, S&P Global Energy informed subscribers that it had stopped accepting bids and offers for crude grades needing to transit through this critical chokepoint in the trading window used to help determine the regional benchmark price for Dubai. The agency stated that the affected grades include Dubai, Upper Zakum, Al-Shaheen crude, and some Murban cargos.

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