Oil from the Strait of Hormuz supplies: 5% of the total oil supply to America, 50% of the total oil supply to China. Iran paralyzes its ally China by blocking the Hormuz Strait. + The Strait of Hormuz is the only maritime outlet for oil-producing countries such as Kuwait, Qatar, Bahrain, and a large portion of Saudi Arabia's production. Meanwhile, ships are already turning around.

🆕 The Iranian parliament states that it will not cease nuclear activities.

🆕 According to JP Morgan estimates, closing the Hormuz Strait could raise oil prices to $120-$130 per barrel. #IsraelIranConflict #MarketPullback $BTC