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Iran's parliament has approved the closure of the key maritime corridor of the Strait of Hormuz. Reuters reported that Iran's Supreme National Security Council will make the final decision on the move, which could hamper global trade by closing the narrow passage between Iran and Oman.
The decision to close the strait, through which about 20% of global oil and gas demand flows, is not yet final.
However, according to Reuters, lawmaker and Revolutionary Guard Commander Esmail Kosari told the Young Journalists Club on Sunday that this is on the agenda and "will be done whenever necessary."
The United Kingdom Maritime Trade Operations (UKMTO) said it was assessing the threat to US merchant ships in the Red Sea and Gulf of Aden, near Iran, as very "high".
The Middle East is the world's leading oil-producing region and a major hub for maritime trade. Its waterways are a critical passage for cargo ships carrying oil and container ships carrying goods and equipment.
This is especially true for the Strait of Hormuz, which processes a quarter of the world's oil trade. At the mouth of the Persian Gulf, the narrow channel lies in the territorial waters of Iran and Oman, and at its narrowest point is only 33 km wide.
It flows into the Gulf of Oman, from where ships can travel to the rest of the world. Analysts at Goldman Sachs predict that blockades in the strait could push oil prices above $100 (£74) a barrel.
According to the International Monetary Fund, inflation in developed economies increases by about 0.4 percentage points for every 10% increase in oil prices.
However, closing the route would be an extreme step for Iran, as it could anger its main customer - China - as well as Qatar and the United Arab Emirates, two other major oil-producing states.
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