Iran’s Supreme National Security Council is considering a move to close the Strait of Hormuz following US airstrikes on its nuclear facilities — a step that could severely disrupt global oil and gas flows. The strait handles nearly 20% of the world’s energy shipments.
Iranian state media outlet Press TV reported Sunday that while the parliament has reportedly backed the measure, the final decision rests with the top security body.
The potential closure has heightened tensions in the region and is expected to send oil prices higher when markets reopen Sunday. The US strikes mark the first time American forces have directly targeted Iranian territory, crossing what analysts describe as a major threshold.
“A clear red line has been crossed,” said Jorge León, head of geopolitical analysis at Rystad Energy. “If Iran retaliates with attacks on regional energy infrastructure or shipping, oil prices could spike sharply.”
Even without immediate retaliation, analysts say markets will factor in a higher geopolitical risk premium. Brent crude has already risen nearly 10% in the past 10 days since Israel’s initial strike on Iran, closing at US$77 a barrel on Friday after briefly touching US$79 — the highest since January. (Newswire)
