Iran closed the Strait of Hormuz in early March 2026 following unprovoked US–Israel strikes on its territory, warning that any vessels from countries allied with the two nations attempting passage would be targeted. 

The closure has severely disrupted commercial traffic through the vital waterway, which channels roughly one-fifth of the world’s oil and liquefied natural gas (LNG), sending oil prices skyrocketing and stoking fears of a global energy crisis.

While Iran wields geopolitical leverage, some countries stand to profit from the windfall by capitalising on higher oil prices and supply disruptions.

Here’s a look.