As Iran Eyes Strait Of Hormuz Closure, Here's What To Know About Its Global Economic Significance

For over half a century, the Strait of Hormuz has served as the world’s most vital energy corridor. (Photo creative: News18)

About 90 per cent of Iran’s oil exports also pass through the Strait. Blocking it would strangle its own economy. (Photo creative: News18)

Iranian lawmakers floated the idea following the US attacks, though the decision remains with the National Security Council, Iran's highest security body. (Photo creative: News18)

According to the US Energy Information Administration (EIA), the Strait of Hormuz is "one of the world's most important oil chokepoints". (Photo creative: News18)

Around 20 million barrels of oil pass through this strait daily. While India imports about 5.5 million barrels, 1.5 million barrels come through this route. (Photo creative: News18)

Iran holds control over the northern side of the strait along its coastline, while the southern side is bordered by Oman and the United Arab Emirates. (Photo creative: News18)

The closure of the strait is likely to trigger a global recession, potentially worse than the 1973 oil crisis. (Photo creative: News18)

During the Iran–Iraq War in the 1980s, both sides launched attacks on oil tankers in what became known as the “Tanker War." (Photo creative: News18)