Iran’s Vote to Close Strait of Hormuz After U.S. Airstrikes Fuels Fears of Skyrocketing Oil Prices and Global Economic Crisis

 

Iran’s parliament has ignited global alarm by voting to close the Strait of Hormuz, a vital maritime chokepoint that facilitates roughly 20% of the world’s oil supply, in response to U.S. airstrikes targeting its nuclear facilities. 

The decision, still pending ratification by Iran’s Supreme Security Council, has sparked widespread fears of catastrophic economic and geopolitical consequences. A closure would severely disrupt oil and liquefied natural gas (LNG) shipments, cause prolonged tanker delays, and potentially push U.S. fuel prices to a staggering $5–$7 per gallon, exacerbating inflation worldwide.

Brent crude prices have already surged sharply, with markets reflecting heightened uncertainty and pricing in significant geopolitical risks. The Strait’s strategic importance cannot be overstated, as it serves as a critical artery for energy exports from the Persian Gulf to global markets.

While Iran has previously threatened to block the Strait as a diplomatic maneuver, analysts warn that the current escalation, fueled by direct U.S. military action, increases the likelihood of enforcement. Such a move could provoke a military response from the U.S. Navy and allied forces, raising the specter of a broader conflict in the Middle East. 

Global economies are bracing for profound ripple effects, including supply chain chaos, soaring energy costs, and potential shortages that could destabilize industries and households. As diplomatic efforts falter, the world watches anxiously, with the Strait of Hormuz at the center of a high-stakes confrontation threatening global stability.

See also: U.S. President Donald Trump’s “Make Iran Great Again” Slogan Fuels Global Controversy After U.S. Airstrikes on Iranian Nuclear Sites