Price of oil could spike after Iran’s parliament votes to close key shipping route
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. Continue reading...
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