Iran’s Parliament has approved a proposal to close the Strait of Hormuz Tension, which is the world’s most important oil route. Around 20% of global oil passes through it. After recent US attacks on Iran, oil prices went up fast. If Iran blocks the strait, oil prices can rise even more, especially in countries like India that import 80% of their oil. Still, experts say a full closure is unlikely.
- 20% of world’s oil passes through Hormuz
- Brent crude jumped after the proposal
- India may face higher petrol and diesel costs
👉 Why this matters: Higher oil prices could raise fuel costs, increase inflation, and affect daily expenses in India.
🔗 Source: India Today
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