Tehran, June 23 — In a bold move, Iran’s parliament has voted in favor of closing the Strait of Hormuz — one of the world’s most critical oil shipping routes — in response to recent US military strikes on Iranian targets. The decision has rattled global markets, raising fears of an imminent spike in crude oil prices and triggering concerns about a potential global energy crisis.
While the vote is not legally binding, as the final decision rests with Iran’s Supreme National Security Council, it signals Tehran’s readiness to adopt a tougher stance amid escalating tensions with the US and Israel.
Rising Global Tensions Over Energy Security
Political analysts warn that the heightened standoff — triggered by attacks on Iran’s nuclear facilities by the US and Israel — now poses a direct threat to global energy security. The Iranian parliament’s move has already driven expectations of an immediate $5 per barrel surge in crude oil prices. If the strait is actually closed, experts fear that the resulting spike in oil prices could unleash inflationary pressures and widespread economic instability worldwide, potentially pushing major economies toward recession.
Crude Oil Prices Already Climbing
Ahead of this week’s trading sessions, Brent crude oil had already climbed to $77 per barrel as of Friday — a 10% increase since mid-June. Industry experts anticipate that when global markets reopen late Sunday night (UK time), prices may jump even higher in response to the developments in Tehran.
A Critical Lifeline for Global Oil
The Strait of Hormuz serves as the primary exit route from the Persian Gulf, handling nearly 20% of the world’s daily oil consumption. A potential blockade would not only drive up oil prices but also severely disrupt global supply chains, further straining an already fragile global economy.
The world now watches closely as diplomatic and military tensions continue to rise, with oil markets bracing for possible turbulence in the days ahead.
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- My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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