Strait of Hormuz is used for exporting crude oil to Asia by members of OPEC including Saudi Arabia, Iran, the United Arab Emirates, Kuwait, and Iraq

Reports indicate tankers are on fire near the Strait of Hormuz amid escalating tensions in the Middle East, raising concerns about maritime security and global oil trade.

While Tehran has frequently threatened to block the waterway in response to military pressure or sanctions, the prospect becomes far more plausible if the conflict with Israel explodes into a full-scale war.

Tanker rates for vessels carrying refined oil products from the Middle East have surged in recent days, as the exchange of fire between Israel and Iran makes hauling fuel through the Strait of Hormuz more risky.

Explore the implications of Iran potentially closing the Strait of Hormuz amidst rising tensions, impacting global oil prices, shipping routes, and geopolitical relationships.

Reports indicate three ships are transmitting not under command in the Gulf of Oman near the Strait of Hormuz. NASA's FIRMS map shows potential heat signatures, but authorities have not confirmed any incidents.

Crude oil prices dip as Israel-Iran conflict spares supply lines; traders monitor Strait of Hormuz and OPEC output for further oil outlook clues.

Oil prices were stable on Monday after Iran's oil production infrastructure was excluded from intensification of military conflict with Israel, while the Strait of Hormuz remains open

About 21mn barrels of oil from Iran, Iraq, Kuwait, Saudi Arabia, Qatar and the United Arab Emirates pass daily through the narrow waterway separating the Islamic republic from the Gulf states, representing about one-third of the world’s seaborne oil supplies.

“Closing the Strait of Hormuz or attacking energy infrastructure in the region will spike energy prices, turn all their neighbours into adversaries and more likely than not draw the US military, which has a large presence in the region, into the conflict,” he said.

The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The strait is deep enough and wide enough to handle the world's largest crude oil tankers,