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Iran Closes Oil Strait, Prices Rise
Iran, in the Middle East, closed the Strait of Hormuz. It was closed to the United States and its allies.
One fifth of the world's oil normally flows through this strait. Oil prices have surged since the closure.
Trump is calling on other countries to help protect the strait. Trump warned Europe that not helping would be very bad for NATO. Trump said it is only right for Europe to help.
Klear Note — The Strait of Hormuz is a narrow waterway between Iran and Oman. It is the world's most important oil shipping route. When oil flow stops, prices rise worldwide because less oil reaches markets.
Key Terms 3
- Strait of Hormuz
- A narrow sea passage connecting Middle East oil to the world
- NATO
- A group of countries, mostly in Europe, that protect each other
- surged
- Went up very quickly and by a large amount