Following U.S. strikes on Iranian nuclear facilities on Saturday, the Iranian Parliament has voted in support of closing the Strait of Hormuz, one of the world’s most critical oil transit chokepoints, according to media reports.
Any final decision on retaliation, however, will rest with the country’s Supreme National Security Council and le
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Around 20 percent of global oil trade passes through the Strait. Some experts have said that if Iran were to cut off access to the Strait, it could spike oil prices by 30 to 50 percent immediately, with gas prices likewise rising by as much as $5 per gallon.
From what I understand, the US is now an oil producing country due to fracking so we won’t see results like the oil embargo of the 70s, just increases in prices. Increasing the price of oil will increase the profits to Republican donors. I do wonder what the products of the closure will look like.
It also increases Russian profits. 🤔