Overview

• Iran’s parliament backed a proposal to seal the Strait of Hormuz following US airstrikes on its nuclear sites, with actual implementation pending approval by the Supreme National Security Council.
• The narrow waterway channels roughly 20 percent of global oil exports and a blockade could send benchmark prices above $100 per barrel.
• US Secretary of State Marco Rubio urged China to leverage its influence over Tehran to prevent a shutdown that would inflict heavy economic harm.
• India’s petroleum minister said the country has diversified its oil imports and stockpiled several weeks of reserves to withstand any disruption.
• Analysts warn that a closure would depress global growth by fueling higher inflation and disrupting supply chains across major economies.