Finance
Russia warns of oil choke due to closure of Strait of Hormuz
Published by Global Banking & Finance Review®
Posted on March 1, 2026
2 min readLast updated: March 1, 2026
Quick Summary
Russia warns that the closure of the Strait of Hormuz—critical for roughly 20–27% of global oil and LNG flows—could heavily disrupt energy markets and worsen global supply stability amid rising geopolitical tensions and elevated oil prices. Russia also condemned the assassination of Iran’s Supreme L
Russia Warns Strait of Hormuz Closure Could Disrupt Global Oil Markets
Potential Impacts and Reactions to the Strait of Hormuz Closure
Russian Foreign Ministry's Statement
MOSCOW, March 1 (Reuters) - Russia's foreign ministry said on Sunday that the closure of the Strait of Hormuz to shipping could lead to significant disbalances on the global oil and gas markets.
Suspension of Shipments and Market Concerns
Actions by Tanker Owners and Oil Majors
Trading sources said on Saturday that several tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz after the U.S. and Israel attacked Iran and Tehran said it had closed navigation.
Significance of the Strait of Hormuz
Some 20% of global oil, including from producers Saudi Arabia, the United Arab Emirates, Iraq, Kuwait and Iran, passes through Hormuz along with large volumes of liquefied natural gas from Qatar.
Geopolitical Implications
Reactions to the Death of Iranian Leaders
The Russian foreign ministry said that the news of the killing of Ayatollah Ali Khamenei, members of his family and some high-ranking Iranian officials was met with resentment and deep regret in Russia.
Challenges for Moscow
Regional Dynamics and Russian Strategy
With Russian allies ousted in Syria and Venezuela, the fall of Khamenei poses a challenge for Moscow, though the Kremlin has shown little appetite to date for challenging U.S. President Donald Trump over Iran and has been more successful than the West predicted in negotiating with Syria's new rulers.
Condemnation of Political Assassinations
"The Russian Federation resolutely and consistently condemns the practice of political assassinations and the 'hunting' of leaders of sovereign states, which contradicts the fundamental principles of civilized interstate relations and grossly violates international law," the ministry said in a statement.
Calls for De-escalation
The ministry also called for urgent de-escalation, and end to fighting and a return to political and diplomatic efforts.
(Reporting by Vladimir Soldatkin; editing by Guy Faulconbridge )
Key Takeaways
- •The Strait of Hormuz is vital for global oil and gas transit: approximately 20 million barrels per day via oil and about one‑fifth of LNG trade, representing around 20–27% of global consumption and maritime trade. (aljazeera.com)
- •A closure—or even threats to close—the Strait could trigger sharp oil price spikes, potentially pushing prices above $100–$130 per barrel, stoking inflation and economic instability. (theguardian.com)
- •Russia strongly condemned the killing of Iran’s Supreme Leader Ayatollah Khamenei by U.S.‑Israeli strikes, urging de-escalation and a return to diplomacy, while warning of broader energy-market fallout. (apnews.com)
References
Frequently Asked Questions about Russia warns of oil choke due to closure of Strait of Hormuz
1Why is the Strait of Hormuz important for global oil trade?
The Strait of Hormuz is a key passage for about 20% of global oil, connecting producers like Saudi Arabia, UAE, Iraq, Kuwait, and Iran to world markets.
2What caused the closure of the Strait of Hormuz?
The closure followed attacks by the U.S. and Israel on Iran, leading Tehran to halt navigation through the strait.
3How could the closure affect global oil and gas markets?
A closure could lead to significant imbalances and disruptions in oil and liquefied natural gas shipments, impacting global supply and prices.
4What is Russia's stance on the situation?
Russia condemned political assassinations and stressed the need for urgent de-escalation, advocating a return to diplomatic solutions.
