Iran's parliament votes to close Strait of Hormuz after US attacks
www.newsweek.com
The vote took place Sunday after the U.S. on Saturday evening hit three Iranian nuclear sites and significantly damaged the country's capabilities.

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.

    • 3abas@lemm.eeEnglish
      51·
      6 hours ago

      I was curious, and this is what I found.

      As of January 2024, there were 132 operating oil refineries in the United States with an atmospheric crude oil distillation capacity of 18,374,628 barrels per calendar day according to the U.S. Energy Information Administration (EIA).[94]

    • jaschen306@sh.itjust.worksEnglish
      31·
      6 hours ago

      Here is a video about it. In a nutshell, the oil we are able to pump out of the ground is a much lower quality oil and our infrastructure is not setup to handle the low quality crude oil. In order be able to process it, we would need to spend billions for the infrastructure and it wouldn’t make financial sense since the East processes it for so much cheaper.

      https://youtu.be/veTbuLu7znc