Blockade of strait of hormuz uncovers uncharted waters in global oil market

The Strait of Hormuz, a 21-mile wide waterway between Iran, Oman, and the United Arab Emirates, has become the focal point in the escalating war between Iran and the United States. Normally, hundreds of tankers pass through the strait daily, carrying 20% of the world's oil supply. However, with the outbreak of conflict, nearly all traffic has come to a standstill, as Iran threatens the area with drones and mines.

Us naval blockade risks global oil prices

In response, the US has implemented a risky naval blockade of Iranian ports, preventing the country and its allies from exporting their own oil. The move has sent shockwaves through the global energy market, with analysts warning of potential shortages and price hikes.