Iranian Parliament approves the closure of the Strait of Hormuz
The Strait of Hormuz is a strategic waterway through which approximately 20% of the world's oil and 30% of liquefied natural gas flows.
Oil tanker - file image
The Iranian Parliament approved the closure of the Strait of Hormuz Sunday in response to the U.S. attack on three of its nuclear facilities.
The measure has yet to be approved by the supreme leader, Ayatollah Ali Khamenei, and the Supreme National Security Council.
The Strait of Hormuz, located between Iran and the Arabian Peninsula, is a strategic lane through which approximately 20% of the world's oil and 30% of liquefied natural gas circulate.
Its closure could trigger a drastic increase in crude oil prices, with specialists warning that the value per barrel could exceed $120.
If the Iranian Parliament's decision is approved, the closure of the Strait of Hormuz could bring the entire U.S. fleet in the region to a complete standstill, triggering a global energy crisis.
What is the Strait of Hormuz?
Its importance lies in the fact that it is the only maritime outlet for the major crude oil exporters in the Gulf: Saudi Arabia, Iran, Iraq and the United Arab Emirates.
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