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Iran's Parliament Votes to Close Strait of Hormuz After US Attacks (www.newsweek.com)
submitted 1 year ago by to c/world@lemmy.world
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Following U.S. strikes on Iranian nuclear facilities on Saturday, the Iranian Parliament has voted in support of closing the Strait of Hormuz, one of the world's most critical oil transit chokepoints, according to media reports.

Any final decision on retaliation, however, will rest with the country's Supreme National Security Council and le

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Around 20 percent of global oil trade passes through the Strait. Some experts have said that if Iran were to cut off access to the Strait, it could spike oil prices by 30 to 50 percent immediately, with gas prices likewise rising by as much as $5 per gallon.

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[–] 2 points 1 year ago*

If the gas price skyrockets

We're a net oil exporter these days, thanks to hydrofracking.

https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php

In 2020, the United States became a net exporter of petroleum for the first time since at least 1949.

If the gas price skyrockets, (a) if it becomes really serious, it's possible for the US to not export oil and (b) more US oil production will come online.

Loss of oil access was a potent lever against the US in the 1970s, but it isn't in 2025.

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