Oil prices to skyrocket as Iran gets Parliament nod to block Strait of Hormuz 

TEHRAN: In a bold and severe response following U.S. bombing of nuclear facilities, Iran has decided to shut down the Strait of Hormuz — one of the world’s most critical oil shipping routes. The Iranian Parliament has approved the move, according to a report by state-owned media outlet Press TV.

The Strait of Hormuz is the most strategically important channel for global oil and gas transportation. Situated between Iran and the Arab Gulf countries, nearly one-fifth of the world’s crude oil and natural gas supply passes through this narrow waterway. Exports from key oil-producing nations like Saudi Arabia, Iraq, the UAE, Qatar, and Iran depend on this route.

The strait stretches 161 kilometers in length and narrows to about 33 kilometers at its tightest point, with the navigable shipping lane being just around 3 kilometers wide.

Reports suggest that if the strait is indeed closed, global oil prices could soar. The repercussions would be felt across the U.S., Europe, and Asia. India, which imports about 5.5 million barrels of crude oil daily, receives approximately 2 million barrels via the Strait of Hormuz alone.