Iran Considers Strait of Hormuz Closure Amid Rising Tensions

Iran Considers Strait of Hormuz Closure Amid Rising Tensions
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Iran’s Parliament has reportedly approved the closure of the Strait of Hormuz following recent U.S. airstrikes on Iranian nuclear sites, according to state media outlet PressTV. The final decision rests with Iran’s Supreme National Security Council.

The Strait of Hormuz is a critical global oil trade route, with around 20% of the world’s liquid petroleum passing through it in 2024. Its potential closure has raised concerns about global energy markets, particularly for countries like India, which imports nearly 80% of its oil needs.

India’s Petroleum Minister Hardeep Puri sought to reassure the public, stating that India has diversified its energy sources and reduced dependence on shipments through the strait. He emphasized that domestic oil reserves and alternative supply routes are sufficient to ensure stability.

Analysts warn that any disruption could lead to a sharp rise in shipping costs and delays in delivery times, further escalating global energy concerns amid heightened regional tensions.