Following the US attacks on Iran’s nuclear facilities overnight Tehran’s Parliament has approved to close the Strait of Hormuz.

The final decision rests with the Supreme National Security Council, Iran’s Press TV reported on Sunday.

“Closure of the Strait is on the agenda and will be done whenever necessary,” said Revolutionary Guards Commander and lawmaker Esmail Kosari, told Iran’s Young Journalist Club.
Retired Indian Navy spokesperson Captain D K Sharma warned, “Iran’s threat to block the Strait of Hormuz could lead to significant disruptions,” Mathrubhumi reported.
Sharma warned that this will push up insurance costs and lead to rerouting shipments which will be more expensive.

Sharma added, “Oil prices are expected to surge due to increased tensions in the region, with some analysts predicting prices to reach $80 – $90 per barrel or even $100 per barrel if Iran responds with retaliatory measures,” which will push investors to invest elsewhere such as safe havens like gold or silver.
Read more related news:

Iran warns ‘every American is a target’ and US bases in the Middle East are a ‘point of vulnerability’

US B-2 stealth bombers obliterate Iran’s nuclear sites using ‘bunker busters’ and 30 tomahawk missiles

deVere Group warns markets will drop quickly if the US enters Israel-Iran

What Happens When Iran Mashes the Hormuz?

Picture the Straits of Hormuz as the world’s “Oyster” – a tiny opening that opens up to the deep‑seated engines of global trade. One‑quarter of all oil that sails by sea and almost a fifth of the planet’s oil & gas consumption depends on that stretch. When Iran decides to blockade it, the money‑and‑fuel maze gets a jolt that’s impossible to ignore.

Key Numbers That Will Throw the World Off Balance

Oil: In 2024 and the first quarter of 2025, over 25% of global seaborne oil flow went through Hormuz.
Liquefied Natural Gas (LNG): Roughly a fifth of the world’s LNG trade, mainly from Qatar, made its way through the Strait.
In 2024, about 20 million barrels of oil were shipped through every day.
Asia swallows most of it — 84% of crude oil and condensate, and 83% of LNG, flow eastward. China, India, Japan, and South Korea together soak up 69% of the odor (oops, we mean the oil)!

The “What‑If” — A Quick Relay Race of Flat‑Out Numbers

Saudi Aramco runs a 5 m barrels/day pipeline from Abqaiq to Yanbu, skipping the Strait entirely.
UAE’s 1.8 m barrels/day pipeline ships from onshore fields directly to Fujairah.
Without a smooth transit, the price of the stuff the world needs—commodities, food, fuel—leaps upward. It’s a ripple effect from the blast to the breakfast.

Consequences That Might Borrow a Touch of “Overpriced Comfort”

Prices would inevitably shoot up. Your 3‑meter pizza in the city could cost you a small fortune later, and the price of diesel on your morning commute would feel like a coffee at you.