Among them the Iranian parliament has approved the closure of the Strait of Hormuz, an important shipping route for goods located near Iran maritime borders. Almost bout 20% of the world oil and gas is supplied to various countries of the world through this shipping route. If Iran closes this road, it will have a far-reaching negative impact on the global economy. What is your opinion?
The effects of the tensions between Israel and Iran have again triggered price movements for bitcoin travel and now we can see bitcoin falling back from its initial price. The Strait of Hormuz is very vital for oil trade and if Iran closes the strait completely, I am sure the global economy will be disrupted and even for crypto commodities, gold or anything related will experience a significant impact from the process carried out by Iran.
We are on the verge of global economic collapse at this time and the tension is getting worse if the United States tries to interfere and this step can trigger a bigger war because Iran plays an important role in the Strait of Hormuz and oil is a raw material that is quite needed by any industry now.