Iran's Parliament approved shutting down the Strait of Hormuz on Sunday following US's attack on its nuclear sites. Iran's Parliament has passed the order to close the strategic passthrough which is lifeline to world's oil supply, as reported by NDTV, citing state media.
Nearly 70% of crude oil supplies to Asia pass through the Strait of Hormuz and Bab el-Mandeb Strait. Iran has direct control over the Strait of Hormuz and influence over Bab el-Mandeb Strait through Yemen's Houthi Rebels.
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The strait holds strategic importance because nearly 20 million barrels of crude oil and a third of global liquefied natural gas shipments pass through it daily. The daily shipments accounts for 20% of world oil consumption , according to the US Energy Information Administration.
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Hence a closure, even if it does not stay for long, will jolt the international oil markets, which was why the US Navy's Fifth Fleet in Bahrain was maintaining a close watch, NDTV Profit reported earlier.
Tehran has been using the strategic passthrough to retaliate during aggression or international conflicts.
Israel and Iran have been trading blows for more than a week now since the former launched air strikes targeting nuclear sites on June 13. US on Sunday hit its three key strategic nuclear sites and claimed to have obliterated it completely.
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