Following U.S. military strikes on Iranian nuclear facilities, Iran's parliament is considering closing the Strait of Hormuz, a crucial passage for global oil shipments. The decision, however, is pending with Iran's Supreme National Security Council. This development has triggered significant market reactions, particularly in the cryptocurrency space.
The digital oil memecoin (OIL) has experienced a dramatic surge, increasing over 400% against the USD. The token is trading on the Solana-based decentralized exchange Raydium. This surge reflects investor concerns about potential disruptions to global oil supplies.
The potential closure of the Strait of Hormuz, through which approximately 20% of the world's oil trade passes, could lead to a spike in global oil prices. This could potentially reach $100 to $150 per barrel. The situation is being closely monitored by global markets and political entities.