WANA (Jun 08) – The European Union announced on Monday that it has blacklisted two Iranian individuals and a regional unit of the Islamic Revolutionary Guard Corps (IRGC), citing actions that the bloc characterizes as threats to the freedom of navigation in the Strait of Hormuz—a vital maritime corridor through which roughly one-fifth of the world’s oil supplies transit.

 

This designation marks the first time the European bloc has utilized its sanctions framework to target Iran specifically for restricting the freedom of navigation.

 

Tehran has consistently maintained that regulation and security within the Strait of Hormuz is a strictly regional matter, asserting that Western powers, including the United States and Europe, have no jurisdiction over the waterway.

 

The measures come in the wake of the late-February military conflict involving the United States, the Israeli regime, and Iran. Following retaliatory strikes by Tehran against occupied territories and Washington’s regional military bases, shipping transit through the strategic chokepoint ground to a near-total standstill.

 

The International Energy Agency (IEA) has classified the ongoing situation as the largest disruption to global energy supplies in recorded history, noting that approximately 20% of global petroleum and liquefied natural gas (LNG) transits this narrow corridor.

 

Global Economic Impact and Market Volatility

Since the outbreak of the conflict, global crude oil prices have surged by more than 50%, driving up fuel costs and intensifying concerns over a potential worldwide economic recession. Retail fuel prices have skyrocketed globally following the hostilities, with approximately 100 countries reporting substantial increases in gasoline costs since the escalation began in late February.

 

International efforts to stabilize energy markets have so far yielded little result. Market analysts warn that if the Strait of Hormuz remains closed to maritime commerce, oil prices will likely continue their upward trajectory, potentially spiking to $150 or even $200 per barrel.

 

In a formal written statement, the European Union specified that the targeted designations apply to the IRGC Navy’s Hormozgan Province Command, as well as two individuals identified as Mohammad Akbarzadeh and Hamid Hosseini.