FM: Iran has no intention of closing Strait of Hormuz

Iran has no plans to close the Strait of Hormuz or disrupt shipping traffic there, Iranian Foreign Minister Abbas Araghchi told Al Jazeera, Report informs.

Araghchi noted the authorities do not intend to take any measures at this stage that would interfere with navigation in the strait.

The Strait of Hormuz is a vital logistics artery linking Gulf countries - Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Iraq, Iran, and Oman - with global markets. It is also one of the busiest shipping routes in the world, with 200–300 vessels passing daily, sometimes at six-minute intervals during peak hours.

The US Energy Information Administration (EIA) notes that the strait carries about one-quarter of global oil and petroleum traffic and one-fifth of global liquefied natural gas (LNG) trade, mostly from Qatar. Around 84% of the oil and 83% of LNG shipped through the strait goes to Asian countries, primarily China, India, Japan, and South Korea.

Iran itself exports 90–99% of its oil through the strait. Oil and gas account for roughly 25% of Iran's GDP and 45% of its budget revenues.