The Iranian legislature has reportedly approved the closure of the Strait of Hormuz, which is crucial for world trade – the Guardian reports, citing Reuters news agency.

Reuters reported that Iran's Supreme National Security Council will make the final decision on the matter, which could severely disrupt global trade by closing the narrow passage between Iran and Oman. Maersk, one of the world's largest shipping companies, had said a few hours earlier on Sunday that its ships would continue to sail through the Strait of Hormuz, but that it may reconsider its decision in light of the new information.

The decision to close the strait, which is 55 kilometers wide at its narrowest point, is not yet final. However, according to a Reuters report, Eszmail Koszari, a member of parliament and commander of the Revolutionary Guards, told the Young Journalist Club on Sunday that the closure was on the agenda and “will happen when necessary.”

The UK Maritime Trade Operations Centre (UKMTO) has rated the threat to US commercial shipping in the Red Sea and Gulf of Aden, near Iran, as"high".

The Strait of Hormuz carries 17-18 million barrels of oil a day, accounting for about 20 percent of global oil trade. Closing the strait would immediately lead to a sharp rise in oil prices, as analysts predicted after the US airstrikes on Iranian nuclear facilities on Sunday. The shipping route is generally considered a major artery for global trade, and a shipping ban would cause severe global supply disruptions.