Price of Oil Could Spike after Iran’s Parliament Votes to Close Key Shipping Route

THE GUARDIAN: Move could cause a global recession and comes in response to the US strikes on three Iranian nuclear sites

Iran’s parliament has voted to shut down the vital Hormuz shipping channel in retaliation against Donald Trump’s attack on the country, prompting fears of a sharp spike in oil prices that could cause a global recession.

A barrel of Brent crude was selling for about $77 on Friday, having risen by more than 10% since mid-June when Israel’s attack on Iranian nuclear sites prompted missile strikes from Tehran against Tel Aviv.

But Trump’s decision to follow Israel by launching a US attack on Iran has set off a chain of events that analysts warned could drive prices up much further when markets open at 11pm UK time on Sunday. » | Rob Davies | Sunday, June 22, 2025

Iran Seizes British Oil Tanker in Strait of Hormuz

Iran Calls Tanker Explosions 'Suspicious' as Global Concern Grows

Iran's Foreign Minister Mohammad Javad Zarif has described reported attacks on oil tankers near the Strait of Hormuz as "suspicious" as they coincided with a meeting between Japan's prime minister and Iran's supreme leader. The incidents on Thursday near the strategic sea lane - through which one-third of all oil traded by sea passes - left one vessel ablaze and the other adrift, forcing scores of the crew to abandon the ships. Al Jazeera's correspondents report from from the White House, Tehran, and the United Nations.

Is Iran Conducting Secret Sabotage Attacks? | DW News

Saudi Arabia is claiming that an alleged "sabotage attack" took place against its tankers in the Gulf. The Kingdom's foreign ministry has called the reported incident a dangerous threat to navigation and international security. The United Arab Emirates also says that four commercial vessels were hit by "sabotage attacks" near the port city of Fujairah in the Strait of Hormuz, off its eastern coast. Two of Saudi's oil tankers were among the targets. The alleged incidents come amid rising tensions between Iran and the US. Iran has called for a probe to find out who's responsible. Meanwhile, EU Ministers are meeting in Brussels today to try to salvage the Iran nuclear deal. After the US enacted new sanctions against Iran last week, Tehran threatened to pull out of the deal unless its European partners make concessions.