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Ladybbird · 22-06-25, 21:48

Iran Parliament Votes to SHUT Hormuz Strait in Revenge Response to US Attack Raising Fears of Oil Price Shock

Following U.S. strikes on Iranian nuclear facilities on Saturday, the Iranian Parliament has voted in support of closing the Strait of Hormuz, one of the world's most critical oil transit chokepoints

Newsweek 22 JUN 2025

20% of The Worlds Oil Passes Through Strait of Hormuz..... Sending Oil Futures Up in Global Markets

The strait, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea.

Irans parliament has voted to shut down the vital Hormuz shipping channel in retaliation against Donald Trump?s attack on the country, prompting fears of a sharp SPIKE in oil prices that could cause a global recession.

Any final decision on retaliation, however, will rest with the countrys Supreme National Security Council and leader Ayatollah Ali Khamenei. The parliament vote merely advises him of the option to pursue.

Why It Matters

The U.S. strikes on three Iranian nuclear sites dubbed Operation Midnight Hammer in Isfahan, Fordow and Natanz marks the first direct involvement of America in the escalating crises between Iran and Israel.

The action has received backlash, with many citing the lack of congressional approval for the military move.

The Strait of Hormuz is a narrow waterway connecting the Persian Gulf to the Gulf of Oman and the Arabian Sea. At its narrowest point, the strait is about 21 miles wide, with two shipping lanes that are 2 miles wide in each direction.

Around 20 percent of global oil trade passes through the Strait. Some experts have said that if Iran were to cut off access to the Strait, it could spike oil prices by 30 to 50 percent immediately, with gas prices likewise rising by as much as $5 per gallon.

During the Iran-Iraq War in the 1980s, Iran targeted oil tankers and oil loading facilities.

These actions did not fully block the Strait but caused sharp increases in shipping insurance premiums and delayed maritime traffic.

https://www.youtube.com/watch?v=CbNAunVUoJQ

22-06-25, 21:48	#98
Ladybbird Join Date: Feb 2011 Posts: 50,630 Thanks: 28,768 Thanked 14,429 Times in 10,235 Posts Awards Showcase Total Awards: 8	Iran Votes to SHUT Hormuz Strait in Response to US Attack =Fears of Oil Price Rise Iran Parliament Votes to SHUT Hormuz Strait in Revenge Response to US Attack Raising Fears of Oil Price Shock Following U.S. strikes on Iranian nuclear facilities on Saturday, the Iranian Parliament has voted in support of closing the Strait of Hormuz, one of the world's most critical oil transit chokepoints Newsweek 22 JUN 2025 20% of The Worlds Oil Passes Through Strait of Hormuz..... Sending Oil Futures Up in Global Markets The strait, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. Irans parliament has voted to shut down the vital Hormuz shipping channel in retaliation against Donald Trump?s attack on the country, prompting fears of a sharp SPIKE in oil prices that could cause a global recession. Any final decision on retaliation, however, will rest with the countrys Supreme National Security Council and leader Ayatollah Ali Khamenei. The parliament vote merely advises him of the option to pursue. Why It Matters The U.S. strikes on three Iranian nuclear sites dubbed Operation Midnight Hammer in Isfahan, Fordow and Natanz marks the first direct involvement of America in the escalating crises between Iran and Israel. The action has received backlash, with many citing the lack of congressional approval for the military move. The Strait of Hormuz is a narrow waterway connecting the Persian Gulf to the Gulf of Oman and the Arabian Sea. At its narrowest point, the strait is about 21 miles wide, with two shipping lanes that are 2 miles wide in each direction. Around 20 percent of global oil trade passes through the Strait. Some experts have said that if Iran were to cut off access to the Strait, it could spike oil prices by 30 to 50 percent immediately, with gas prices likewise rising by as much as $5 per gallon. During the Iran-Iraq War in the 1980s, Iran targeted oil tankers and oil loading facilities. *These actions did not fully block the Strait but caused sharp increases in shipping insurance premiums and delayed maritime traffic.* https://www.youtube.com/watch?v=CbNAunVUoJQ