Would Turkey be affected if Iran closes the Strait of Hormuz? Statement from Minister Şimşek

The involvement of the US in the conflict between Israel and Iran has increased concerns in international markets that the Strait of Hormuz could be closed. These developments caused Brent crude oil prices to rise above 80 dollars after a long interval, leading to consecutive increases in fuel prices in Turkey.

The Iranian Parliament's decision to transfer the authority to close the Strait of Hormuz to the Iranian Supreme National Security Council has led to speculation on social media that oil prices will exceed 120 dollars.

Minister of Treasury and Finance Mehmet Şimşek released a statement on the matter via his X account.

Emphasizing that these claims should not be given credence, Şimşek said, "We are analyzing the effects of rising geopolitical tensions on our economy from multiple dimensions and evaluating potential scenarios in detail. To maintain stability in the markets and the healthy functioning of our economy, our institutions are ready to take the necessary measures quickly and decisively in strong coordination."

In the continuation of his statement, Şimşek noted the following:

"Please do not give credence to speculations made about our economy based on scenarios in the event that the Strait of Hormuz closes. With our program, we have significantly increased our economy's resilience against shocks.

We are determined in the fight against inflation, and we will continue to take all necessary steps for the continuation of disinflation."