New Delhi, March 3 -- Iran has 'closed' the Strait of Hormuz after the US and Israel attacked it last week, causing oil and gas prices to spike. But how long can Iran realistically block this critical passageway, which connects the Persian Gulf to the Arabian Sea and carries a fifth of global oil, gas and fertilizer shipments?

Mint explores the best- and worst-case scenarios.

On Monday the Islamic Revolutionary Guard Corps (IRGC), a branch of Iran's armed forces, announced that the Strait of Hormuz was closed and attacked a few ships passing through it. The announcement quickly caused panic. Most shipping lines have since suspended crude oil, fuel and liquefied natural gas shipments through the strait. On Monday, only 28 vessels transit...