Assessing Iran’s Ability to Hold the World’s Oil Supply Hostage

Commercial oil tanker Abqaiq readies itself to receive oil at the Mina al-Bakr Oil Terminal (MABOT). U.S. Navy photo by Photographer’s Mate 2nd Class Andrew M. Meyers. Public domain, via Wikimedia Commons.

Iran’s Foreign Minister Abbas Araghchi stated on March 14, 2026, that the Strait of Hormuz is open to all countries except the United States and Israel, describing it as closed only to “tankers and ships belonging to our enemies, to those who are attacking us and their allies.”

The statement...