Iran Contemplates Closing the Strait of Hormuz; Digital Oil Memecoin Surges Over 400%
The Iranian Parliament is considering closing the Strait of Hormuz, which could lead to a significant increase in global oil prices. Meanwhile, the lesser-known digital oil memecoin (OIL) has surged over 400%.
Key Points:
- Iran’s lawmakers have reportedly decided to close the Strait of Hormuz, though the final choice lies with the Supreme National Security Council.
- Closing this critical oil passage could dramatically raise global oil prices.
- The digital oil memecoin (OIL) has surged over 400% against the USD.
Iranian politicians are leaning towards shutting the strategically significant Strait of Hormuz in response to recent U.S. military actions targeting Iranian nuclear facilities, as reported by Saeed Azimi, correspondent for France 24.
“The MPs have unanimously reached this conclusion merely in a consultation capacity. The decision lies with the Supreme National Security Council,” Azimi stated on X.
The Strait is vital, accounting for one-fifth of the world’s oil trade. Closing it could propel oil prices upward, threatening stagflation in oil-importing nations like the U.S.
Analysts predict that Brent and WTI crude prices will likely open significantly higher due to potential supply issues. Meanwhile, the obscure digital oil memecoin (OIL) has surged 400% against the USD, according to DEXTools.io.
OIL/USD chart
“Fading the most geopolitically advantaged memecoin AND the ONLY coin endorsed by Peter Schiff himself? COULDN’T BE ME…. $OIL,” remarked an account allegedly linked to the memecoin.
The token was launched earlier this year after Peter Schiff expressed support for the concept of a digital oil on X.
