Iran Approves Hormuz Strait Blockade: Impact on Global Oil Supply and Japan

TL;DR;

The Iranian Parliament has approved the blockade of the Strait of Hormuz, but whether the blockade will actually be implemented depends on the decision of the Supreme National Security Council (SNSC). The Strait of Hormuz is a vital route through which approximately 20-30% of the world's crude oil exports and imports pass, with about 80% of crude oil bound for Japan.