The Bulletin June 23, 2025
Why it matters: If the Iranian government blocks passage through the Strait, Asian markets are expected to be most hit, but American markets will be too, with energy prices likely to rise. Oil prices jumped on Monday to their highest since January following the U.S. strikes. Located between the Persian Gulf and the Gulf of Oman, connecting to the wider Indian Ocean, the chokepoint on one of the world's busiest maritime routes is vital to global energy security and it handles roughly 20 percent of global oil trade. U.S. Secretary of State Marco Rubio urged China on Sunday to press Iran against closing the Strait following U.S. strikes on Iranian nuclear sites.
Read more in-depth coverage:
Oil Prices Jump, Stocks Fall After US Strikes Iran Nuclear Sites
TL/DR: Since 2019, Iran has repeatedly used the Strait of Hormuz to apply pressure.
What happens now? Iran has signaled that there will be a response to U.S. strikes, but has not said exactly what yet and whether that would include targeting shipping in the Strait or Hormuz.
Deeper reading How Iran Could Close the Strait of Hormuz
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