In a decision that could send shockwaves through the global economy, Iran’s Parliament has just approved the closure of the Strait of Hormuz — one of the most strategically vital waterways on Earth.
The announcement came from Ebrahim Azizi, head of Iran’s National Security Committee, who confirmed that the decision was unanimous. The final call now rests with Iran’s Supreme National Security Council, but the world is already on edge.
Why does this matter?
Because nearly 25% of the world's oil trade and a third of global liquefied natural gas exports flow through this narrow strait. If Iran enforces the closure, energy markets could spiral, and major economies would feel the ripple overnight.
🛢️ According to JP Morgan's latest projections, oil prices could spike to $120–$130 per barrel, triggering inflation, energy shortages, and geopolitical panic.
This isn’t just about oil. It’s about global leverage — and Iran just signaled it’s willing to use it.
📍 What is the Strait of Hormuz?
Located between Iran and Oman, the Strait connects the Persian Gulf to the Indian Ocean, serving as the only route for Persian Gulf oil exports to reach global markets.
If blocked, nations like Saudi Arabia, the UAE, Iraq, and Qatar will have no direct maritime export path.