Iran orders closure of Strait of Hormuz — putting one-fifth of world’s oil supply at risk
Iran’s parliament has voted to close the Strait of Hormuz, the vital shipping channel through which around 20% of the world’s daily oil flows.
The move, which could block $1 billion in oil shipments per day, is likely to send oil prices soaring.
It will come into effect pending a final decision by Iran’s Supreme Council.
