Following U.S. airstrikes on its nuclear facilities, Iran‘s parliament has backed closing the Strait of Hormuz, a key maritime passage for global oil trade. However, final authority lies with Iran’s security leadership, according to summaries of state-run media.
The narrow waterway, shared with Oman, handles roughly a third of the world’s maritime oil trade — about 20.3 million barrels daily. Any effort to obstruct it could trigger major spikes in global oil prices and disrupt supply chains.
Vice President Vance warned on NBC’s Meet the Press that closure of the strait would be “economically suicidal” for Tehran. “Their entire economy runs through the Strait of Hormuz,” he said, adding, “If they want to destroy their own economy, that’s their decision.”
Analysts at Eurasia Group called a complete shutdown “unlikely,” citing the massive U.S. military presence in the Gulf. Still, they warned of likely harassment of oil tankers in the region in the coming days.
Energy markets are expected to react immediately once trading resumes, offering a gauge of how serious investors view the threat.
Source(s)
Discover more from News Facts Network
Subscribe to get the latest posts sent to your email.
