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Updated Jun 22, 2025, 3:08 p.m. Published Jun 22, 2025, 2:05 p.m.
- Iran’s politicians have reportedly decided to close the Strait of Hormuz; however, the final decision rests with the Supreme National Security Council.
- The closure of the Strait, a vital oil shipping route, could significantly increase global oil prices.
- An obscure token called the digital oil memecoin (OIL) surged over 400%.
Iran’s politicians leaned in favor of blocking the strategically important Strait of Hormuz on Sunday in response to the U.S. military strikes on the Iranian nuclear facilities, according to Saeed Azimi, Tehran 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,” , responding to , , that the Parliament has approved the closure.
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The Strait, a key global oil shipping route, accounts for one-fifth of the world’s oil trade. Thus, the closure of the route is likely to send oil prices skyward, possibly into three figures, bolstering stagflation fears in oil-importing trade deficit nations like the U.S.
Analysts expect Brent and WTI crude prices to open significantly higher on Monday, pricing a potential supply squeeze.
In the meantime, an obscure token called the digital oil memecoin (OIL) has skyrocketed over 400% against USD, according to data source . The token is listed on the Solana-based decentralized exchange Raydium.
“Fading the most geopolitically advantaged memecoin AND the ONLY coin endorsed by Peter Schiff himself? COULDN’T BE ME…. $OIL,” an X handle with the memecoin, said on the social media platform.
The token early this year after vocal cryptocurrency and bitcoin critic Peter Schiff supporting the idea of creating a digital oil.
Omkar Godbole is a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
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