Main to remember
- The price of Bitcoin has dropped while the Iranian Parliament approved the closure of the Hormuz Strait, increase the fears of oil -based and world inflation shocks.
- A prolonged closure of the strait could lead oil over $ 100 per barrel, which has an impact on the global GDP, inflation and cryptography markets.
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The Bitcoin price has increased from nearly $ 103,000 to $ 99,700 on Sunday morning after the Iranian Parliament approved the closure of the Hormuz Strait, one of the world’s largest strangulation points for the world supply of trade and energy.
The parliamentary move, reported for the first time by Reuters, occurred a few hours after the United States launched coordinated strikes on Iranian nuclear targets, marking Washington’s first manifest military intervention in the Irana-Israeli conflict. President Donald Trump described the operation as “very successful” in an article on Truth Social on Saturday evening.
The threat of Tehran to close the Hormuz Strait is interpreted as a direct response to the escalation of American military actions, but the closure is not yet in force. The implementation of the measure is now in the hands of the Iranian Supreme National Security Council and, ultimately, of the supreme chief of Ayatollah Ali Khamenei.
The Hormuz Strait manages approximately 20 million barrels of crude oil per day, representing 20% of global daily consumption and almost a third of the maritime oil trade.
As the only deep water canal capable of welcoming the largest oil tankers in the world, the Strait is essential for major economies, including China, India, Japan and South Korea, China is learned in almost half of its gross imports by this road.
Analysts warn that possible closure could generate oil prices over $ 100 per barrel, with potential tips at $ 120 or $ 150 if the disturbances continue.
The impact expands beyond energy costs, affecting household fuel bills, industrial inputs and transport costs, because oil underpins the production and delivery of around 95% of world goods.
Economists believe that the inflationary impact of the rise in oil prices could reduce world GDP by 1 to 2% if the Strait remains closed for an extended period. Central banks are faced with a difficult decision between increasing interest rates to control inflation or policy assistance to support economic growth.
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