An Analysis of Iran’s Policy toward the Strait of Hormuz from the Perspective of International Political Economy in 2024

Abstract

This study analyzes Iran's policy towards the Strait of Hormuz from an international political economy perspective in 2024. Employing a systematic literature review approach with the PRISMA framework, this research synthesizes various analyses regarding the motivations and impacts of Iran's policy. It was found that Iran's policy is driven by deep national security interests, regional geopolitical influence, and sustained domestic economic pressures, where Iran views control over the Strait of Hormuz as a crucial strategic bargaining tool in the face of international sanctions and external threats. The threat of closing the strait is consistently used as a powerful negotiation instrument, especially in response to increased sanctions or military pressure, reflecting security dilemma theory. The global economic impact is highly significant, affecting world oil and LNG supply and prices, where even minor disruptions can trigger major energy market shocks. Global supply chain vulnerability is high due to massive reliance on this strait; alternative routes offer only marginal mitigation. This study extends the security dilemma theory by highlighting how Iran's strategic calculations in asserting its sovereignty in the Strait of Hormuz complexly interact with global economic interests, creating predictable response patterns to external pressures. These findings conclude that Iran's policy reflects a complex synergy between economic pragmatism and ideological idealism, fundamentally shaping security and economic dynamics in the Persian Gulf region and having multidimensional impacts on global energy stability.