The US war with Iran is sending shockwaves through the global economy—and at the center of the crisis lies one of the most critical chokepoints on Earth: the Strait of Hormuz. Every day under normal conditions, 70–80 oil tankers pass through this narrow 21-mile-wide passage between Iran and Oman. Nearly one-fifth of the world’s oil supply and a massive portion of global liquefied natural gas exports depend on this single route. It’s often called the motorway of global energy trade. But in the current conflict, that motorway has effectively shut down. With insurers labeling the region a war-risk zone and shipping companies unwilling to risk missile or drone attacks, tanker traffic has largely stopped. The result is the same as a blockade: global energy exports are frozen.

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