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Will the oil price fluctuate again in the global market?

The Iranian parliament agreed to close the Strait of Hormuz.

Image of 'Will the oil price fluctuate again in the global market?'

The Iranian Parliament approved the matter of closing the strategically significant Strait of Hormuz. This was reported by the country's official channel “Press TV” on June 22.

It is noted that the final decision on closing the strait must be made by Iran's Supreme National Security Council. Meaning, the final point has not yet been put.

For information, the Strait of Hormuz - located between Iran and Oman, is a crucial sea passage, through which almost 20 percent of the world's transported oil and gas passes. The closure of the strait could pose a serious threat not only to the energy security of the Middle East but also to the entire world.

“Reuters” analyst Ron Busso, commenting on the situation, says Tehran's action would immediately encounter a response from US naval forces. According to him, if Iran attempts to block the strait, it would lead to short-term interruptions in the global oil flow, but this would not last long.

However, the question remains open: What does this initiative indicate? Is Iran trying to increase pressure? Or is this - a warning to the US and Israel?

At the moment, tensions are rising in the oil market. According to experts, if the situation escalates further, oil prices could rise sharply.

The strait has not been closed yet. But the threat has arrived. The decision of the Iranian parliament is not just a political gesture, but is being assessed as a signal for the global economy.

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