Iran to Close Strait of Hormuz, Threatening Global Oil Supply

Iran’s parliament has approved a motion to close the Strait of Hormuz, a critical maritime chokepoint through which nearly 20% of the world’s oil passes. The decision marks a major escalation in tensions between Iran and Western powers, and could severely disrupt global energy markets. The move comes in response to recent U.S. and Israeli military actions and increased sanctions. Iranian officials stated that the closure is a matter of national security and sovereignty. “We will not allow hostile powers to use our waters to harm our interests,” said one senior Iranian lawmaker. Market & Global Reactions: Oil prices surged immediately after the announcement, with Brent crude rising over 6%. Shipping companies are on high alert, with several rerouting tankers. Western governments, including the U.S. and EU, have condemned the move and are calling for immediate de-escalation. Analysts warn that a prolonged closure could spark an energy crisis, inflate global prices, and trigger military responses to ensure the strait remains open.

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