Iran`s parliament has approved taking action to close the Strait of Hormuz, state-owned media outlet Press TV reported on Sunday (June 22). However, the ultimate decision on the matter rests with Iran`s Supreme National Security Council.

Al Arabiya, citing Press TV, reported that the decision to close the strait, through which nearly 20% of the world`s oil and gas demand flows, is not yet final.

Iranian lawmaker and Revolutionary Guard commander Ismail Kowsari told the Young Journalists Club on Sunday that such a move is "on the agenda" and "will be implemented when necessary."

According to the U.S. Energy Information Administration, approximately 20% of global oil consumption is supplied through this strait.

During the Iran-Iraq conflict between 1980 and 1988, both countries targeted commercial vessels in the Gulf in what became known as the Tanker War, but Hormuz was never completely closed.

In 2019, during the first term of US President Donald Trump, four vessels were attacked near the coast of Fujairah in the United Arab Emirates amid heightened tensions between Iran and the United States. Washington blamed Tehran for the incidents, but Iran denied the allegations.

Attacks on shipping lanes have long been a tactic for exerting pressure during conflicts. Since the war in Gaza began, Yemen`s Houthis have been attacking ships around the Bab al-Mandeb Strait, the entrance to the Red Sea on the other side of the Arabian Peninsula.

While Houthi operations have impacted global trade, ships can avoid the Red Sea by sailing around Africa – a longer but safer journey. However, there is no way to ship anything from the Gulf by sea without passing through Hormuz.

Even countries that do not import petrol from the Gulf nations would be affected if this strait were closed, as a significant reduction in supply would drive up the price of oil per barrel in the global market.