00:00In the aftermath of the strikes on Iran's nuclear facilities, the Iranian parliament has just approved the closure of the Strait of Hormuz, one of the world's most vital shipping archeries.
00:11Any further expansion of the conflict could have enormous consequences for the region and for international peace and security at large.
00:20We cannot discount the global impact of a potential disruption of trade through the Strait of Hormuz, described by the World Bank as the world's most critical oil passageway.
00:31At its narrowest point, the Strait is just 33 kilometers wide.
00:36A fifth of the world's oil and gas pass through this narrow waterway, which separates Iran and the UAE, some 18 to 19 million barrels a day.
00:44Due to its economic importance, the Strait has often been a hotspot for geopolitical tensions, with Iran repeatedly threatening its closure.
00:53But any blockade of the trade route would spell significant consequences for Iran.
00:57Such a move would almost certainly invoke retaliation from the US, which has naval military assets in the region.
01:03It would also complicate Iran's access to commercial goods and risk alienating their foreign partners like China, which import significant amounts of Iranian oil.
01:11The closure of the Strait of Hormuz would also be bad news for the world economy.
01:17Global oil prices would spike, and Europe could face energy shortages, especially in countries dependent on Middle Eastern fuel.
01:25It would also disrupt industries across Europe, including manufacturing, transport and agriculture, but also delay imports of raw materials and consumer goods.
01:34But analysts say that closing such a key shipping route would be near impossible under international law,
01:39as a UN convention stipulates that Hormuz is an international strait, where the right of transit cannot be suspended.
