As tensions continue in the Israel-Iran conflict, there have been talks that Iran may close the Strait of Hormuz. The Strait of Hormuz is a key waterway for the shipping of oil and gas . Nearly 20% of the world’s liquefied Natural gas and a quarter of the world’s oil pass through yearly. Shippers from numerous countries use it as a shortcut for oil importing and exporting. On June 22, the Iranian Parliament voted to close the Strait due to US airstrikes. Despite the vote, the Strait remains open, with Iran’s Supreme National Security Council to make the final decision. As the waterway is a central trade lane in international shipping, its closure could have significant global consequences. Why Iran May Close The Strait of Hormuz, And What Can This Mean For Shipping? Israel and Iran have been in tension and have been in conflict for decades following the 1979 Iranian revolution. The conflict escalated into a war on June 13 when Israel launched a surprise attack on Iranian nu...
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