TEHRAN, Mar 2: A commander of Iran’s Islamic Revolutionary Guard Corps said on Monday that the Strait of Hormuz has been closed and warned that any vessel attempting to transit the waterway would be set ablaze, according to Iranian media reports.

The statement follows the reported killing of Supreme Leader Ali Khamenei in an Israeli strike, a development that could disrupt nearly one-fifth of global oil supplies and drive crude prices sharply higher.

Separately, Jeremy Nixon, chief executive of Ocean Network Express (ONE), said around 100 container ships are among approximately 750 vessels currently backed up near the Strait of Hormuz amid escalating tensions and recent US and Israeli strikes on Iran. Speaking at an industry conference in Long Beach, California, Nixon said about 10% of the global container ship fleet has been affected.

Maritime insurers have reportedly halted coverage for voyages through the strait between Iran and Oman — a critical corridor for roughly 20% of the world’s oil consumption and significant gas shipments — as regional hostilities intensify.