Iranian Parliament Backs Straight Of Hormuz Closure

Iranian Parliament Backs Strait of Hormuz Closure, Oil Market Braces for Turmoil

Tyler Durden,

Iranian state-owned outlet Press TV has released a new report quoting Major General Kowsari, a senior member of the Iranian Parliament’s National Security Commission, who stated:

“The Parliament has reached the conclusion that the Strait of Hormuz should be closed, but the final decision in this regard lies with the Supreme National Security Council.” 

Major General Kowsari, member of the National Security Commission of the Parliament: The Parliament has reached the conclusion that the Strait of Hormuz should be closed, but the final decision in this regard lies with the Supreme National Security Council.

If Ayatollah Ali Khamenei approves the proposed closure of the critical maritime chokepoint—through which approximately 30% of global seaborne oil and 20% of LNG transit—Brent crude and natural gas futures will surge sharply this evening.

Reuters earlier cited lawmaker and Revolutionary Guards Commander Esmail Kosari, who told Young Journalist Club that closing the critical maritime checkpoint is on the agenda and “will be done whenever necessary.”

Crypto-based prediction market Polymarket shows that odds for a “Strait of Hormuz closure by July” surged from roughly 15% before the U.S. B-2 stealth bomber strikes on Iran’s key nuclear sites—Fordow, Natanz, and Esfahan—to as high as 60% earlier today, reflecting a sharp repricing of geopolitical risk.

The potential closure of the strait was recently outlined in a “worst-case scenario” by JPMorgan’s chief commodity strategist, Natasha Kaneva (available to pro subscribers in the usual place). The note cautioned that a severe outcome could send oil prices into the $120-$130 per barrel range.

London-based oil strategist at Bloomberg, Julian Lee, penned several important questions about what would happen if Iran tried to close the critical maritime chokepoint:

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