Iran’s parliament has voted to close the Strait of Hormuz — but the move won’t take effect unless it’s approved by Iran’s Supreme National Security Council. If enacted, the consequences would be massive: nearly 20% of global oil trade flows through this narrow waterway. Even the threat of closure has already pushed oil prices higher, with markets bracing for turbulence. So what happens if Iran follows through? Oil prices could skyrocket to $100–150 per barrel. Gas prices would climb, potentially past $4/gallon in the U.S. Shipping costs surge as tankers reroute and insurance premiums spike. Inflation rebounds, especially in energy-dependent economies. Supply chains slow down — everything from food to fuel gets more expensive. For a global economy already under strain, this kind of shock could tip fragile markets into recession. Remember the last time a war tanked the global economy? You don’t have to reach back too far, it was in 2022 over the Russia/Ukraine conflict. The U.S. and its allies could see this closure as an escalation and respond militarily. Let’s hope they don’t. The U.S. military publication, Stars and Stripes, reports that the “shipping industry was placed on high alert on Sunday with warnings that Tehran could retaliate against commercial vessels following after U.S. airstrikes against Iran’s nuclear facilities.” The post Iran Just Voted to Choke the World’s Oil appeared first on Redacted.