Iranian Parliament Approves Blockade of Strait of Hormuz, Threatening Global Oil Transport
The Iranian parliament has approved the blockade of the Strait of Hormuz, a move expected to have significant repercussions on the global economy.
The U.S. has escalated its military presence in the Middle East, deploying bombers to strike Iranian nuclear facilities. President Trump has warned that any Iranian retaliation will result in more severe consequences. In response, Tehran has stated that it previously transferred enriched uranium in secret and claims that damage to its nuclear facilities is limited, announcing its intent to retaliate against the U.S.
Reports indicate that the Strait of Hormuz is vital for approximately 20% of the world’s oil and gas transport. If the Iranian National Security Council decides to proceed with the blockade, this could lead to rising international oil prices, further impacting the global economy.
