By THEANALYSTMEDIA
Iran’s Parliament has reportedly approved measures on the closure of the Strait of Hormuz, but the final decision on it must be made by the country’s Supreme National Security Council, Iran’s Press TV said on Sunday.
The decision to close the strait, through which around 20% of global oil and gas demand flows, is not yet final. But lawmaker and Revolutionary Guards Commander Esmail Kosari told the Young Journalist Club on Sunday that doing so is on the agenda and “will be done whenever necessary.”
When asked about the closure of the key passage, Iran’s Foreign Minister Abbas Araghchi said earlier during the day that a variety of options are available to Iran.
Concerns have mounted in recent days regarding the potential closure of the strait, with some estimates showing oil prices could shoot up and surpass $100 if this happens.
The Strait of Hormuz lies between Oman and Iran and is the primary export route for oil producers such as Saudi Arabia, the United Arab Emirates (UAE), Iraq and Kuwait.
Oil prices have already risen over the course of last week as tensions between Israel and Iran escalated. With a fresh U.S. attack on Iran’s nuclear sites, investors are now bracing for more turbulence and rushing to safe havens and the dollar.
Despite tensions, the vessels of shipping giant Maersk continue to sail through the Strait of Hormuz, Reuters reported on Sunday. Still, the company was ready to reevaluate this based on available information, the group said in a statement on Sunday, following U.S. strikes on Iranian nuclear facilities overnight.
“We will continuously monitor the security risk to our specific vessels in the region and are ready to take operational actions as needed,” the Danish container shipping company said.
Credit: TÜRKİYE DAILY SABAH.
