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flag Iran threatens to close Strait of Hormuz, potentially disrupting global oil supplies.

flag Iran has threatened to close the Strait of Hormuz in response to recent US and Israeli strikes, a move that could severely disrupt global oil supplies, as about 20% of the world's oil passes through it. flag While Iran's parliament voted to close the strait, the move needs final approval from the top security council. flag Energy experts doubt Iran will fully close it, as it would also harm Iran's oil trade. flag The threat alone has unsettled markets, with estimates suggesting oil prices could surge to $120 a barrel from the current $75.

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