🇮🇷 IRANIAN PARLIAMENT APPROVES CLOSURE OF THE STRAIT OF HORMUZ IN RESPONSE TO U.S. ATTACK
The Strait of Hormuz is a strategic maritime route through which approximately 20% of global oil supply passes.
The Strait of Hormuz, which connects the Persian Gulf to the Gulf of Oman, is a transit point for 1/3 of the world's seaborne crude oil and 1/5 of global liquefied natural gas (LNG). Of this, about 80% of the oil and gas volume is delivered to Asian markets, with major importing countries including China, India, and Japan, while the remaining 20% is transported to Europe.
Closing this strait is expected to have a significant impact on the global energy market. Experts warn that most multinational corporations around the world will shut down within a few days as the energy supplies necessary to sustain their operations will run out.
According to some forecasts, oil prices could rise by 80% within the first week if the Strait of Hormuz is closed, as alternative routes will incur very high costs.