Iranian lawmaker says Tehran considering closing waterway, described as 'world's most important oil transit chokepoint'.

Market watchers believe a full-scale disruption of global oil flows by closing the waterway is unlikely, and might even be physically impossible.

Even if Iran does not close the Strait of Hormuz in response to Israel's attacks, much of the maritime shipping industry may stay away given the risks.

Iranian lawmaker says Tehran considering closing waterway, described as 'world's most important oil transit chokepoint'.

LONDON: It is thanks to a quirk of ancient geological history that almost half the global oil and gas reserves are located under or around the waters of the Arabian Gulf, and that…

Any closure of the strait could choke oil flows vital to Asian economies, analysts warn.