Sechin: Strait of Hormuz blockade intended against Iran ultimately impacted global economy

Sustained tensions in the Strait of Hormuz over a prolonged period undermine long-term oil demand, Rosneft CEO Igor Sechin said at the energy panel of SPIEF-2026, according to Interfax, cited by Report.

"It (the continued tensions around Hormuz - ed.) may also trigger a renewed surge of interest in alternative energy sources," he added.

According to Sechin, the disruption of the Strait of Hormuz, while initially aimed at inflicting economic damage on Iran, has affected the global energy situation.

"Measures taken to block the strait were directed against Iran, but they worked against the entire world. Strategic risks were underestimated. As a result, consumers are suffering. Western countries are experiencing a double price shock: motor fuel has now joined electricity. Fuel prices in the United States have risen by more than 50%, and in Europe by over 20%," he explained.

"The Hormuz crisis is a precedent. It is clear that other ‘chokepoints' of global logistics may now come under threat, including the Strait of Malacca, Bab-el-Mandeb, Gibraltar, the Cape of Good Hope, the Danish and Turkish straits, as well as the Suez and Panama canals, which are of key importance not only for global energy but for global trade as a whole," Sechin said.