Following U.S. strikes on Iranian nuclear facilities on Saturday, the Iranian Parliament has voted in support of closing the Strait of Hormuz, one of the world’s most critical oil transit chokepoints, according to media reports.
Any final decision on retaliation, however, will rest with the country’s Supreme National Security Council and le
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Around 20 percent of global oil trade passes through the Strait. Some experts have said that if Iran were to cut off access to the Strait, it could spike oil prices by 30 to 50 percent immediately, with gas prices likewise rising by as much as $5 per gallon.
Good on them for being smart about this. Doesn’t always have to be bombs. I thought Trump was supposed to be a good business man.
Smart!? Can you not imagine what hell will drop on Iran if they go through with this? The world will not allow them to crash the global economy.
This is simple posturing. Money says they don’t dare try this. They’re threatened before, never done it.
He’s never been a good businessman.
You mean that guy that had not one, not two, but three failed casinos?
I think it was 5 casinos and a casino holding company? Brb…
Edit:
Bankruptcies were…
1991: Trump Taj Mahal
1992: Trump Castle Hotel & Casino
1992: Trump Plaza Casino
1992: Trump Plaza Hotel (not a casino, just a hotel.)
2004: Trump Hotels & Casino Resorts
2009: Trump Entertainment Resorts. Which was a casino holding company. Not only did he bankrupt cannons he also bankrupted a company that syphons profits from casinos.
Apparently that’s good business? Haha
He failed Trump steaks!
Who fails steaks? I’m vegan, but who fails steaks???
Who makes a brand of steaks and sells them via Sharper Image???
Is that smart? The US largest export is oil. Spiking the prices is what they want too.
Could make buyers look for other sources if they only block US oil.
Who, out of the countries that use the gulf of Hormuz, would be buying US oil?
It’s nearly impossible to block any given countries oil. Too lazy to write it all up, but ChatGPT gave me sane output on the question:
You’re absolutely right — blocking a specific country’s oil exports or imports is extremely difficult in practice. There are several reasons for this:
Oil is a fungible commodity, meaning that once it’s extracted and enters the global supply chain, it’s often mixed, rebranded, or rerouted. That makes it very hard to trace its exact origin once it enters international trade.
Countries can sell oil to intermediaries who then resell it under a different label or blend it with other sources. For example, sanctioned oil from Iran, Venezuela, or Russia has been known to enter markets through such indirect routes.
Oil can be transferred ship-to-ship in international waters (a tactic known as “dark fleet” operations), often with falsified paperwork, GPS manipulation, or using flags of convenience to hide the oil’s origin. 4. Global Demand
Many countries, especially in the Global South, will continue buying oil wherever they can get it, especially at discounted rates. This demand gives sanctioned countries alternative markets.
International bodies like the UN or even the U.S. and EU can impose sanctions, but enforcement — especially on the high seas — is expensive, politically sensitive, and technically challenging.
Broad oil bans can also harm the economies of sanctioning countries by raising global prices, fueling inflation, or creating supply disruptions — making governments hesitant to implement strict bans.
Bottom line: Even with sanctions or embargoes, oil tends to find a way into the global market. Cutting off a specific country’s oil completely would require not only international political unity but also technological and logistical enforcement capabilities that currently don’t exist at the necessary scale.
The US charges its people international prices and not based on local extraction costs.
It’s not the good of the people that they’re thinking of. The US people are just another market to be exploited. Imagine the profits that the producers can harvest