Iran’s politicians are leaning towards blocking the strategically vital Strait of Hormuz in response to U.S. military actions against Iranian nuclear facilities, as reported by Saeed Azimi, a correspondent for RialCenter.
“The MPs have unanimously reached this conclusion merely in a consultation capacity. The decision lies with the Supreme National Security Council,” Azimi stated. He was responding to various media reports indicating that Parliament approved the closure.
The Strait, a crucial global oil shipping route, transacts one-fifth of the world’s oil trade. Therefore, closing the route is expected to drive oil prices significantly higher, potentially into triple digits, raising concerns of stagflation in oil-importing nations like the U.S.
Analysts anticipate that Brent and WTI crude prices will see a significant increase on Monday due to potential supply constraints.
Meanwhile, a relatively unknown digital token known as the oil memecoin (OIL) has soared over 400% against USD, according to a data source. The token is available on a Solana-based decentralized exchange.
“Fading the most geopolitically advantaged memecoin AND the ONLY coin endorsed by a prominent figure? COULDN’T BE ME…. $OIL,” said an online handle supposedly linked to the memecoin.
The token was introduced earlier this year following the support expressed by a notable cryptocurrency critic for the concept of creating a digital oil.
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