Oil prices surge as Iranian parliament votes to shut Strait of Hormuz
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The news: Oil markets jumped this morning after Iran's parliament endorsed a measure to close the Strait of Hormuz in response to US strikes on Iranian nuclear sites over the weekend.
The numbers: Global benchmark Brent crude was up 3.5% to USD79.67 per barrel at 8:20am AEST.
US benchmark West Texas Intermediate was up 3.4% to USD76.32 per barrel.
The Strait of Hormuz, which separates Iran and Oman, connects the Persian Gulf to the ocean, with around 20% of global oil supply flowing through it each day.
The context: Iran's state-owned broadcaster Press TV reported on Sunday that the legislature had reached a consensus to close the strait.
However, the final decision rests with Iran’s Supreme National Security Council and Supreme Leader Ayatollah Ali Khamenei, it said.
The sources: MarketWatch data, X post
