Iranian Official Warns US Hormuz Blockade Would Cost Iran $18 Billion

An Iranian official, Majidreza Hariri, has warned that a US blockade of the Strait of Hormuz would be 'worse than war' and cost Iran $18 billion, according to an interview with the Iranian site Khabar Online. Hariri argued that Iran must not become accustomed to a blockade as it did with sanctions, and suggested imposing the cost of lifting the blockade on the US, even through war. The Strait of Hormuz is a critical chokepoint for global oil shipments, with about 20% of world petroleum consumption passing through it. The statement reflects heightened tensions between Iran and the US over maritime security and sanctions, following recent seizures of tankers and threats to close the strait. No official US response has been reported, and the threat remains rhetorical rather than an active blockade.

Global Impact

Economically, a Hormuz blockade would disrupt global oil supply chains, raising energy costs worldwide and potentially triggering a recession in import-dependent economies. Geopolitically, it would escalate US-Iran confrontation, drawing in Gulf states and possibly leading to military conflict.