Recent developments have seen the Iranian parliament reportedly supporting a move to close the Strait of Hormuz in response to U.S. airstrikes. This vital oil transit route is essential for global energy trade, and threats from Iran to block it could significantly impact shipping and oil prices worldwide, particularly for countries like India. Amid escalating tensions, a notable organization for global shipowners has warned of increasing threats to commercial shipping around the Arabian Peninsula, with tanker rates doubling as vessels avoid the area. The situation has led to heightened military focus from U.S. officials on the strait, with various analysts weighing in on the probability and implications of a potential blockade. The crisis raises questions about the economic repercussions on oil supplies, trade routes, and global markets if a complete shutdown of this critical chokepoint occurs.