WATCH: How traffic dried up in the Strait of Hormuz since the Iran war began
The Strait of Hormuz closure disrupts 20% of global crude oil and natural gas supply, causing oil prices to surge 10% and triggering the largest energy crisis since the 1970s oil embargo.
China calls for vessels in strait of Hormuz to be protected amid soaring shipping costs
The Strait of Hormuz closure due to Iran-Israel conflict disrupts global energy supplies, with China and India facing significant oil import disruptions and shipping rates soaring.
Some 60 French-owned or -flagged commercial ships blocked in Gulf
Approximately 60 vessels are trapped in the Persian Gulf unable to transit the Strait of Hormuz due to escalating Iran-US-Israel conflict, with crews sheltering in ports as Iranian forces close the strategic waterway.
Oil price expected to surge as result of US-Israel strikes on Iran
US crude oil is expected to rise 9% to over $73 per barrel as Iran closes the Strait of Hormuz, threatening global oil supplies and driving up energy prices while stock markets decline.