Iran’s politicians leaned in favor of blocking the strategically important Hormuz Street on Sunday in response to the US military strikes on the Iranian nuclear facilities, according to Saeed Azimi, Tehran correspondent for France 24.
“MPs have unanimously reached this conclusion simply in a consultation capacity. The decision lies with the Supreme National Security Council,” Azimi said at X, responding to several media reports, including Al Arabia that Parliament has approved the closure.
Strait, an important global oil shipping route, accounts for one -fifth of the world’s oil trade. Thus, the closure of the route is likely to send oil prices that are Skyward, possibly to three figures that strengthen Stagflation’s fears in oil-importing trade deficit countries such as USA
Analysts expect Brent and WTI prices to open significantly higher on Monday, and pricing a potential supply pressure.
Meanwhile, an unclear token called Digital Oil Memecoin (oil) has the skyrocket over 400% against USD, according to data source dextools.io. The token is listed on the Solana-based decentralized exchange Raydium.
“Fading of the most geopolitically advantageous Memecoin and the only coin approved by Peter Schiff himself? Couldn’t be me …. $ oil,” said an X handle allegedly associated with Memecoin on the social media platform.
The token came to existence early this year after vocal cryptocurrency and bitcoin critic Peter Schiff published a post about X that supports the idea of creating a digital oil.
