IRGC declares full control of the Strait of Hormuz as world oil prices brace for $200 per barrel

TEHRAN — The Islamic Revolutionary Guard Corps (IRGC) announced on Wednesday (4 March 2026) that it has full control over the Strait of Hormuz. IRGC Navy Political Advisor Mohammad Akbarzadeh told Fars News that ‘the Strait of Hormuz is currently under full control of the Revolutionary Guard Navy.’

Minutes after the announcement, markets were shaken by disruptions to maritime traffic following US-Israel strikes on Iran and Iran’s retaliatory actions in the Middle East. Brigadier General Ebrahim Jabari, adviser to the IRGC commander, told TASS that world oil prices could reach $200 per barrel after the Strait of Hormuz was closed.

‘We (Iran) have closed the Strait of Hormuz. Oil prices are now approaching $80 and will soon reach $200 per barrel. The United States, whose life and death depends on oil, is suffering from turmoil and its internal problems. Oil-hungry America. Let them know that we have closed the Strait of Hormuz now and will not permit ships to pass,’ Jabari was quoted as saying by ISNA.

Jabari added that Iran will strike ‘any country that attempts to export oil from here. Now, Iran has attacked several ships.’

The Strait of Hormuz is known as the passage for about a fifth of the world’s oil trade and is also the main route for LNG exports from Qatar and the UAE. About 20 percent of global daily oil consumption — around 20 million barrels — passes through this corridor.

The IRGC’s action to close the Strait of Hormuz is part of Iran’s retaliatory strikes for the assassination of Supreme Leader Ayatollah Ali Khamenei last Saturday by Israel and the United States. Iran’s retaliatory strikes have continued almost non-stop through Monday, targeting Israel and regional states that have been used as bases for US air bases.