In a strong reaction to recent actions by the United States targeting its peaceful nuclear facilities, Iran’s parliament has voted in favor of closing the Strait of Hormuz. This narrow waterway is one of the most important routes for global energy transportation, connecting the Persian Gulf to the rest of the world. Every day, nearly 20% of the world’s oil supply and a large portion of liquefied natural gas (LNG) passes through this strait.
Senior Iranian lawmaker Esmaeil Kowsari stated that lawmakers have reached a broad agreement on the decision. However, the final approval will come from Iran’s Supreme National Security Council, which has the ultimate authority on such national security matters.
If the Strait of Hormuz is closed, the impact on the global economy could be severe. Energy experts are warning that oil prices could rise dramatically—by as much as 80% within just a week. This would put serious pressure on international markets and disrupt the operations of many large companies around the world that depend on a steady and affordable energy supply.
Such a move could lead to a major energy crisis, with ripple effects felt across all industries, from transportation and manufacturing to basic goods and services. As global attention turns to this situation, many are hoping that diplomacy and dialogue will prevent the situation from escalating further.
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