Iran has threatened to close the Strait of Hormuz in response to attacks by Israel. Nearly 20% of global oil and 30% of global LNG passes through the Strait of Hormuz. So far, we have a barrage of missile attacks from both countries,

Iranian parliament National Security Committee head Behnam Saeedi said closing the key waterway — where roughly one-third of all global seaborne crude oil passes daily — was on the table, according to Reuters, citing the government-backed Mehr news agency.

Iran considers closing the Strait of Hormuz, a crucial route for global oil passage, amidst rising tensions with its adversaries. This strategic move could significantly impact global oil supplies, fueling fears and causing commercial ships to avoid Iranian waters.