Iran's Parliament Votes to Close Strait of Hormuz After US Attacks
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This must be a very difficult decision. It heavily affects China, as Irans biggest trade partner for oil, as well as the other exporting gulf states Iran tried to normalize relationships with during the last years. Oil prices will go up, Putin will benefit.
Is there a way to send that oil they Pakistan?
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Oh boy can't wait for more inflation, war and destruction!
don't worry, it'll somehow be Biden's fault
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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.
The market seems to be betting that it's not happening.
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Got an EV, I'll be okay. Sorry republicans, but surely you were expecting this, right? Enjoy the gas prices.
even if you have an electric vehicle, the stuff you rely on probably uses oil and gas for production, transportation, whatever.
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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
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What you're saying is there is actually a class divide that gets hidden by a manufactured social divide.
Ding ding ding. We have a winner!
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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.
Parliament has approved it. Hasn’t been ordered yet though by the supreme leader.
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You just lived through a period where people literally threatened their neighbors (and tried to kidnap a governor) with guns because they couldn't get a haircut or get some cheesy biscuits at Red Lobster.
The worst sin Donald can commit is coming between Americans and the convenience that they equate with liberty.
And yes, there will be another vote.
The American people do love their bread and circus.
I'm not sure why Trump isn't frightened by the prospect of the American people missing those things.
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The market seems to be betting that it's not happening.
TACO principle.
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Apparently that’s good business? Haha
He failed Trump steaks!
Who fails steaks? I'm vegan, but who fails steaks???
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The market seems to be betting that it's not happening.
I'm betting it's not happening. The collective wrath of a dozen militaries would drop on their head.
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Russia Like this! Krasnov did it again. Молодец товарищ Краснов.
I know what you mean, but Russia wanting its primary Middle Eastern ally destroyed just to hope oil prices will hike is a bit out there.
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Why can't it be refined here?
wrote on last edited by [email protected]Because the refineries constantly fuck up and release toxic shit without warning nearby communities of what they did and that windows need to be closed. Then they get shut down when the riots start.
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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???
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Got an EV, I'll be okay. Sorry republicans, but surely you were expecting this, right? Enjoy the gas prices.
I've noticed that everyone only sees oil from a personal perspective. If gas prices spike, every price spikes. On top of that, oil is used for 1,000 purposes apart from internal combustion engines. The shockwaves from the planetary economy crashing would be appalling. Here's a tiny, tiny example:
Your city has a budget for mowing grass, parks & rec, all that. If higher prices run that budget out, the work simply stops. Multiply that by 1,000,000 other like cases.
An EV will only save you the gas station bill. It won't save you from everything else that will crumble.
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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.
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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.
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Could make buyers look for other sources if they only block US oil.
wrote on last edited by [email protected]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:
- Global Oil Market is Highly Fungible
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.
- Third-Party Countries & Middlemen
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.
- Shipping and Flagging Loopholes
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 DemandMany 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.
- Limited Enforcement Capacity
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.
- Economic Blowback
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.
EDIT: Y'all childish. "He used AI! FAKE!" There's not a single falsehood in all that and it's a complete explanation. "NO!"
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I was curious, and this is what I found.
As of January 2024, there were 132 operating oil refineries in the United States with an atmospheric crude oil distillation capacity of 18,374,628 barrels per calendar day according to the U.S. Energy Information Administration (EIA).[94]
And we use a little over 20.
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I really hope they do close it. Time for FAFO.
The world's militaries will turn Tehran into rubble before they allow Iran to crash the global economy. The planet runs on oil. You don't have to like it, but you better believe it.
