Global oil supply in jeopardy as Iran considers shutting down key maritime route.
Iran’s Supreme National Security Council is considering closing the Strait of Hormuz following US strikes on Iranian nuclear sites. The strait is a critical passage for nearly 20% of global oil and gas shipments, and its closure could escalate regional tensions and disrupt global energy markets.
State media outlet Press TV confirmed on Sunday that while Iran’s parliament has approved the move, the final decision rests with the top security body.
“Closure of the Strait is on the agenda and will be done whenever necessary,” said Revolutionary Guards Commander and lawmaker Esmail Kosari.
The possibility of a shutdown has pushed Brent crude prices above $77 per barrel, up over 10% since June 13, when Israel launched airstrikes across Iran.
The situation evokes memories of the 1980s “Tanker Wars.”
Maersk says its vessels still transit the strait but will adjust operations if risks rise. “We will continuously monitor the security risk… and are ready to take operational actions as needed,” the company said.