ieExplains: What is the Strait of Hormuz and why is it so important for oil?

A small vessel transiting in front of the aircraft carrier USS George HW Bush as it transits the Strait of Hormuz in 2014. Picture: AP Photo/US Navy, Specialist 3rd Class Abe McNatt
Iran's top security body must make the final decision on whether to close the Strait of Hormuz, Iranian TV said on Sunday, after parliament reportedly backed the measure in response to US strikes on several of Tehran's nuclear sites.
Iran has in the past threatened to close the strait but has never followed through on the move, which would restrict trade and impact global oil prices.