Iran Parliament Nears Strait of Hormuz Closure, Risks Global Oil Disruption

The potential closure of the Strait of Hormuz by Iran, following recent U.S. airstrikes on Iranian nuclear sites, has raised significant global concerns given that about 20 million barrels of oil daily—roughly 20% of the world's supply—pass through this narrow but vital waterway. U.S. Secretary of State Marco Rubio urged China to pressure Iran against blocking the strait, emphasizing that such a move would amount to "economic suicide" for Tehran and would severely disrupt global and regional economies, possibly provoking a strong military response from the U.S. and its allies. Iran’s parliament has approved a measure to close the strait, though the final decision rests with Iran’s top security officials, and the move could lead to substantial spikes in oil prices, with projections exceeding $100 per barrel. While Iran possesses military means, including naval mines and fast-attack boats, to block the strait temporarily, this would also harm Iran’s own oil exports, primarily destined for China. Analysts warn that any prolonged disruption could trigger global recessionary effects and significant inflation, affecting all nations, including the U.S., as noted by Russian officials. The U.S. maintains a strategic military presence in the region to deter such actions, and diplomatic efforts continue to prevent escalation, highlighting the strait’s critical role in global energy security.