The Straits are the only sea route from the Persian Gulf to the open ocean, and about 20% of the world's oil transits the waterway.

The decision to close the Strait, through which around 20 per cent of global oil and gas demand flows, could see the world thrown into disaster.

Iran's parliament on Sunday approved a move to close the Strait of Hormuz, the entrance to the Persian Gulf where nearly a quarter of the oil shipped around the world passes…