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New Delhi: America has attacked Irans nuclear bases. After this the situation in the Middle East has become more explosive. Meanwhile Iran has made a big announcement. Irans Parliament has approved the proposal to close the strategically very important Strait of Hormuz. After this decision oil prices are sure to increase in other countries. This is the same route through which about one-third of the worlds sea oil trade passes. This decision was reported by Irans state-run Press TV on Sunday. After this there has been a stir in global oil markets and strategic circles. Importance of Strait of Hormuz The Strait of Hormuz connects the Persian Gulf and the Gulf of Oman. It is also one of the busiest and most sensitive oil routes in the world. Most of the oil exports of countries like Saudi Arabia Kuwait Iraq UAE and Qatar take place through this route. The Strait of Hormuz is one of the most important sea routes in the world. This route is about 96 miles long and its width is only 21 miles at the narrowest point. There are only two-mile shipping lanes for movement from both sides in this waterway which Iran can close at any time. After the decision to close it it is now certain that the prices of crude oil can skyrocket because there will be problems in the movement of ships and the cost of transport will increase manifold. Final decision is of Security Council Major General Kovasari a member of the National Security Committee of Irans Parliament said in a conversation with state media There is a consensus in favor of closing the Strait of Hormuz but the final decision will be taken by Irans Supreme National Security Council. This council is the highest security institution of the country and the final military and diplomatic decisions are taken through it. Closing the Strait of Hormuz is not just a geographical action but it can prove to be a major economic setback for the US and the West. This move can have a bad impact on oil supply maritime trade and the world economy. Countries like India which import most of their oil from West Asia can also face difficulties.