US–Iran conflict raises risks to shipping through the strategic Strait of Hormuz.
Around one-fifth of global oil trade moves through this critical maritime chokepoint.
China wants stable shipping flows, while Russia benefits from rising global oil prices.
The US-Iran conflict has entered its third week and still, there are no signs of any de-escalation in this Middle East crisis.
According to reports, the US-Israel-Iran war has created a complex geopolitical situation where different global powers have very different economic and strategic incentives. They said that Russia is the biggest beneficiary of this US-Iran war as soaring oil prices strengthen sanction-hit Russia’s energy revenues.
2 March 2026
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Who Wants the Strait of Hormuz to Reopen
Restoring regular shipping through the Strait of Hormuz is of interest to a number of major powers because disruptions endanger international energy flows.
According to the Mint report, nations like China that are heavily involved in international trade and energy markets have a strong incentive to see the shipping route stabilise as soon as possible. However, due to geopolitical factors, some exporters—especially Russia—may profit if tensions continue to drive up oil prices. The strait is now at the center of international energy and geopolitical calculations due to the Iranian conflict and broader regional tensions associated with Israel.
Why the Strait of Hormuz is Important for Oil Trade
The Strait of Hormuz is one of the world’s most crucial energy corridors because a significant share of global oil shipments moves through this narrow waterway. Mint report noted that roughly one-fifth of the world’s oil trade passes through the strait, making it a vital link between major Gulf producers and global markets.
Oil exported from countries such as Iran and other Gulf states travels through this route to reach international buyers, meaning any disruption can quickly ripple through global energy markets and influence oil prices.
How the Iran Conflict Affects Shipping and Energy Supply
The conflict involving Iran has increased risks for vessels travelling through the Strait of Hormuz. Citing the International Energy Agency’s (IEA) report, Mint stated that tensions linked to the conflict have disrupted shipping activity and created uncertainty for tanker movements in the region. Several organisations have warned that closure of the Strait of Hormuz could have major implications for oil and gas flows.
“The Strait of Hormuz is the world’s single most critical energy chokepoint,” said market intelligence firm Kpler in a March 1 report. “Any meaningful closure…would trigger supply shocks across multiple commodity classes simultaneously.”
The strait typically carries around 20mn barrels of oil per day, or nearly a third of all seaborne crude flows, according to a client report issued by intelligence advisory Pangea-Risk and seen by the Global Trade Review.
Such disruptions can therefore influence global energy prices and supply chains almost immediately.
Countries Dependent on Strait of Hormuz
The Mint report indicated that a large share of oil passing through the Strait of Hormuz is destined for Asian markets, making them particularly vulnerable to disruptions. Among the countries interested is China, which relies heavily on imported crude that moves through this maritime corridor. Because such economies depend on stable oil shipments, any interruption in tanker traffic can quickly affect energy supplies and push up fuel costs.
Ponmudi R told Mint that Russia could emerge as one of the biggest short-term beneficiaries if the conflict continues, as higher oil prices would strengthen the country’s energy revenues at a time when sanctions are already straining its economy. He added that global attention shifting toward the Middle East could also reduce pressure on the Russia–Ukraine war and potentially slow Western military support to Ukraine.
