Iran Politicians Favor Closing Strait of Hormuz After US Strikes
Iran's politicians are considering blocking the Strait of Hormuz in response to recent US military strikes on Iranian nuclear facilities. This decision is under consultation within the Parliament, with final authority resting with the Supreme National Security Council.
- The Strait of Hormuz is crucial for global oil shipping, accounting for 20% of the world's oil trade.
- Closure could lead to a significant increase in oil prices, potentially exceeding $100 per barrel.
- This situation raises concerns about stagflation in countries like the U.S., which have trade deficits.
- Analysts predict a substantial rise in Brent and WTI crude prices due to expected supply constraints.
In related news, the digital oil memecoin (OIL) has surged over 400% against USD. It trades on the Solana-based decentralized exchange Raydium.
- The token gained popularity after Peter Schiff advocated for its creation earlier this year.
- A social media account linked to the token claimed it is geopolitically advantageous.