Iranian politicians looked at each other in favor of blocking the strategically important strait of Hormuz on Sunday in response to American military strikes on Iranian nuclear installations, according to Saeed Azimi, Tehran correspondent for France 24.
“The deputies unanimously reached this conclusion simply as a consultation. The decision lies in the Supreme National Security Council,” said Azimi on X, responding to several media reports, including Arabia al-Al, that parliament approved the closure.
The Strait, a main global oil shipping, represents a fifth of world oil trade. Thus, the closure of the route is likely to send oil prices to the sky, perhaps in three figures, strengthening fears of stagflation in the nations of commercial deficit printed by oil as the United States
Analysts expect the prices of crude Brent and WTI to open considerably later on Monday, assessing a potential compression of the offer.
Meanwhile, an obscure token called Digital Oil Memecoin (Oil) has skyrocketed more than 400% against the USD, according to Data Source Dextools.io. The token is listed on the decentralized exchange based in Solana Raydium.
“The discoloration of the most geopolitically advantageous and the only part approved by Peter Schiff himself? I couldn’t be me …. $ oil,” said a X-stricken handle associated with the same, on the social media platform.
The token was born at the beginning of the year after the vocal cryptocurrency and the critic of Bitcoin Peter Schiff published an article on X supporting the idea of creating a digital oil.
