Reported about 10 hours ago
Iran's parliament has voted to potentially close the vital Hormuz shipping channel in response to US military actions, causing fears of a significant rise in oil prices. Analysts predict that prices could increase by $3 to $5 per barrel when markets open, with forecasts suggesting prices might reach up to $130 if tensions persist. The move could trigger a global economic impact due to rising inflation and transport costs as a significant portion of the world's oil supply flows through this route.
Source: YAHOO