Iran’s parliament has endorsed closing the Strait of Hormuz, a critical waterway that controls nearly 20% of global oil supply. The move is seen as a major escalation in tensions with Western powers. If implemented, it could lead to significant price hikes for oil and gas. However, analysts believe this scenario is unlikely at present due to the complexities involved.
Source: https://www.washingtonpost.com/climate-environment/2025/06/22/oil-prices-iran-strait-hormuz