Iran, in all possibilities, is considering shutting Strait of Hormuz which is very strategic after United States strikes on its nuclear facilities. This could be a step that could disrupt global energy flows and also heighten regional tensions.
The attacks on Fordow, Isfahan, and Natanz early on June 22 prompted the Iranian lawmakers to call for a decisive retaliation. The Parliament in Iran has already approved the proposal of shutting Strait of Hormuz, although the final decision is going to rest on the Supreme National Security Council. One of the senior lawmakers described this measure as a very legitimate response to the foreign aggression.
It is well to be noted that earlier on June 22, the foreign minister of Iran, Syed Abbas Araghchi, went on to state that Tehran is looking out for a range of options as it goes on to consider its next steps. It is worth considering that the Strait of Hormuz happens to be a very important passage for almost a fifth of the world’s oil as well as a significant share of liquefied natural gas exports.
Apparently, any kind of closure could push oil prices over $100 a barrel. Especially countries like India and China, as well as European nations, could be exposed to supply shocks. India, which happens to be heavily dependent on crude shipments by way of this route, could face an immediate challenge in meeting its energy requirements. This development follows as the US strikes the key nuclear facilities across Iran.
