India, March 5 -- Amid escalating tensions in the Gulf, Iran has announced that the Strait of Hormuz will remain closed only to vessels belonging to the United States, Israel, Europe and their Western allies.

The statement, delivered by Iran's Islamic Revolutionary Guard Corps (IRGC) through state broadcaster IRIB on Thursday, has triggered global attention as the narrow waterway plays a decisive role in the movement of energy supplies, including those critical to India's economy.

The development comes after several days of uncertainty surrounding the strait, one of the world's busiest maritime corridors.

Commercial traffic has slowed dramatically since hostilities erupted in the region, prompting energy markets and governments worldwi...