Iran's parliament recommends closing the Strait of Hormuz, a strategic hub for oil and gas trade
However, the Supreme Council of National Security and the Supreme Leader, Ayatollah Ali Khamenei, between the Persian Gulf and the Gulf of Oman, the Strait of Hormuz, at its narrowest point, is 54 kilometres.
The Iranian Parliament on Sunday called for the closure of the Strait of Hormuz following the US attackson Iran. The Strait of Hormuz is a strategic point separating the coasts of Iran and Oman. However, it is still only a proposal,it still needs the approval of the National Security Council ofthe Islamic Republic and its supreme leader , Ayatollah Ali Khamenei, but if confirmed it would affect the rest of the world.
The Strait of Hormuz is now becoming particularly important in the face of the escalation of the conflict between Israel and Iran (and now the US), through which about 20% of the world's oil and gas production flows.
It is situated between the Persian Gulf and the Gulf of Oman, a strait through which an average of 13 tankers, carrying more than 15 million barrels of oil, pass every day.
For years, the Persian authorities have threatened to block maritime traffic to Israel and the United States, especially the latter, in response to Washington's sanctions for its nuclear program.
Although these threats have never materialized since then, there have been numerous riots in the area in recent years, including attacks and seizures of oil tankers and freighters, amid tensions between Iran and the United States over the sanctions imposed by the latter on the sale of Iranian oil.
Iran is an important oil producer, pumping 3.3 million barrels of oil a day and exporting about 1.7 million, so if tension escalates, it will not be surprising if Iran's oil supply is cut off.
Warren Patterson, Chief Strategy Officer for Raw Materials at ING Research, warned in the middle of the month that an escalation of tension could lead to disruptions in maritime transport , which would affect oil flows in the Persian Gulf.
"A significant pause in these flows would be enough to raise the price of a barrel to $120," said the analyst, who advanced that if the interruptions continued until the end of the year, "we will be able to see Brenta listed at new historical highs, exceeding the record of about $150 a barrel in 2008."
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