The Iranian parliament has reportedly approved action to close the Strait of Hormuz after the United States bombed three nuclear sites in Iran, although the final decision will be taken by the Supreme National Security Council. 

According to Iran’s state Press TV on Sunday, Esmail Kosari, head of the parliament’s Supreme National Security Council, said that for now, the parliament has concluded that Iran should close the strait, but the council must make the final decision. 

The strait, located between Iran and Oman, remains a critical oil choke point, and closing it could have serious implications for the global economy.

It is estimated that shipments that pass through the Strait of Hormuz account for about 25 percent of the world’s oil consumption and around 20 percent of its liquefied natural gas consumption.

If the strait were to be effectively blocked, global oil prices could soar, potentially delivering a severe shock to the world economy.