Iranian parliament recommends Strait of Hormuz closure: What may be in store for energy markets, India’s oil imports

News Snapshot:

Following US airstrikes at Iranian nuclear facilities, Iran’s parliament Sunday approved a motion calling for the closure of the Strait of Hormuz, a critical oil transit choke point in global energy flows. To be sure, it is up to Iran’s Supreme National Security Council to decide on whether or not to go ahead to try and choke the Strait of Hormuz. Iran has in the past threatened to close the Strait of Hormuz on multiple occasions, but has never actually done it. Notwithstanding that, the heightened risk of the closure is bound to raise concerns globally, including in India, particularly...