Iran’s parliament has voted to close the Strait of Hormuz, a vital maritime passage through which 20% of the world’s oil supply flows.
Analysts warn that if implemented, the decision could drive up fuel prices by 30–50% or more, potentially triggering severe global inflation depending on the closure’s duration.
The move also heightens the risk of military tension, as the US Navy and its allies are closely monitoring the situation and preparing to respond.
Delays in oil tanker movements are expected to impact not only crude oil and LNG shipments but also disrupt deliveries of other essential global goods.
In the Philippines, which heavily relies on imported fuel, the effects could be immediate, with rising gasoline prices compounding inflationary pressures.