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,

Iran’s threat to close the Strait of Hormuz after US airstrikes on its nuclear sites could trigger a global oil shock, disrupt trade routes and push prices sky-high. With over 60% of its crude coming from the Gulf,

It is the only route for moving oil from the Persian Gulf to the rest of the world’s oceans. Currently, the waters are controlled by Iran, the UAE and Oman.