India, March 3 -- The escalating conflict between the United States and Iran has moved beyond military strikes and into the heart of the global economy. As the war entered its fourth day, energy markets reacted sharply to Iran's announcement that it would close the Strait of Hormuz, one of the world's most critical oil transit routes.

The narrow waterway, located between Iran and Oman, serves as a lifeline for global oil and liquefied natural gas (LNG) shipments. Any prolonged disruption threatens to send oil prices soaring and strain energy-importing nations, especially in Asia.

A senior official from the Islamic Revolutionary Guard Corps declared that vessels attempting to cross the strait would be targeted. The announcement came afte...