Iran Parliament Votes on Strait of Hormuz Closure

Iran's parliament has voted to approve the closure of the Strait of Hormuz in response to recent US airstrikes on Iranian nuclear facilities, but the final decision lies with Iran's Supreme National Security Council. The strait is vital for about 20% of global oil and a significant portion of liquefied natural gas shipments, and potential closure has already sent oil prices and freight rates soaring. Global stock and cryptocurrency markets have been rattled, with energy stocks surging and tech-related assets declining. China, India, Japan, and Europe would be the most affected importers if the strait is blocked, and prolonged disruption could trigger a global energy crisis, inflation, and possibly a recession. Experts warn of heightened risk of military escalation, as any move to block the waterway could provoke a strong response from the US and its allies. The situation remains volatile, with markets awaiting a final decision from Iranian security officials.