Following US attacks on Iran's nuclear sites, Tehran's Parliament is poised to potentially shut the Strait of Hormuz, a vital oil transit route. Revolutionary Guards Commander Esmail Kosari stated that the closure is on the agenda, with readiness to act if necessary. Such a move could lead to substantial disruptions in global oil and gas markets, driving prices significantly higher. Experts warn that the blockade could create an economic shock greater than that of the Ukraine war, affecting not just oil but commodities and energy prices worldwide.
"Closure of the Strait is on the agenda and will be done whenever necessary," said Revolutionary Guards Commander and lawmaker Esmail Kosari, confirming Iran's readiness to take immediate action.
"Iran's threat to block the Strait of Hormuz could lead to significant disruptions," said retired Indian Navy spokesperson Captain D K Sharma, emphasizing the broader implications for global oil trade.
If Iran closes the Strait of Hormuz the global 'economic shock' of the Ukraine war 'will seem like small change,' indicating potential severe effects on global markets.
"Oil prices are expected to surge due to increased tensions in the region, with some analysts predicting prices to reach $80-$100 per barrel," highlighting the economic ramifications of potential conflict.
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