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?
It's bad, really really bad. The closure of Strait of Hormuz obviously can trigger the inflation. The oil price will be jumping surpass post-ukraine invasion by russia.
It will be surely trigger the price for goods to increase as the shipping cost would cost more due to the oil price increase
For the countries that have big oil reserve, they may be fine. However, things totally differ for those countries who only relied upon oil import.