Following US strikes on Iranian nuclear sites, fears of wider Middle East conflict are rising. Iran's Foreign Minister warned the US crossed a red line, and the possibility of Iran closing the Strait of Hormuz, a vital oil shipping route, is causing concern. While Iran's parliament favors closure, the final decision rests with the Supreme National Security Council. Closing the strait would drastically increase global oil prices and severely impact the global economy, though history suggests such disruptions are often short-lived.

Prepared by Rachel Morgan and reviewed by editorial team.