Parliament Votes to Close Strait of Hormuz

Following the airstrikes on Iranian nuclear facilities, Iran’s parliament voted to close the Strait of Hormuz. The decision now goes to the Iranian Security Council. Twenty percent of the global oil supplies move through this waterway so its closure would have a significant impact on energy prices. China would face the biggest impact from that decision and has called for a de-escalation. In addition to oil, natural gas supplies would be affected. Despite these threats, markets are surprisingly calm.