US Blocks Iranian Oil Traffic Through Strait of Hormuz, Raising Global Oil Crisis Concerns

Iran closed the Strait of Hormuz after the US attack; however, after the ceasefire between the US and Iran, Donald Trump has blocked Iranian oil traffic through Hormuz as a means of pressure. Russian oil purchases were allowed from the US during the conflict between the US and Iran. Now the cancellation has raised fears of rising crude oil prices and inflation around the world, including in India. The global oil crisis has deepened with the start of the Iran war in March 2026 and the closure of Hormuz. The oil shortage led to the Trump government granting waivers in March 2026.