Iran's threat to block the world's most vital oil transit point has raised fears of major global economic consequences.

Iranian lawmakers approved a decision to close the vital oil shipping route after the U.S. strikes on its nuclear facilities

Iranian officials have threatened to mine the waterway, which is a key shipping route for oil and gas. One way that Iran could potentially retaliate for the American strikes on three of its nuclear sites, analysts say, would be to shut down the Strait of Hormuz, a key shipping route for oil and gas.