Iran has control over the shipping chokepoint that handles much of China’s imported oil, and Beijing will get daily updates from shipping vessels in the worrisome region.

Iran's foreign minister warned earlier Sunday that the Islamic Republic "reserves all options to defend its sovereignty" after U.S. airstrikes.

Iran's Press TV had earlier reported that parliament had approved a plan to close the Strait.

Apart from soaring oil prices, Asian economies have to factor in a surge in insurance premiums and potential supply disruptions.

The Strait of Hormuz, which connects the Persian Gulf to the Arabian Sea, is recognized as one of the world's most important oil chokepoints.

Iran has control over the shipping chokepoint that handles much of China’s imported oil, and Beijing will get daily updates from shipping vessels in the worrisome region.

Nearly half of Beijing’s crude oil imports pass through the key choke point