The two countries held second round of indirect talks in Switzerland's Geneva, which he described as "more constructive" than the previous round earlier this month.

OPEC members Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, mainly to Asia

Despite efforts by the U.S. and others to address the crisis, the vital Strait of Hormuz, through which 20 percent of the world’s oil supply is moved, remains effectively closed. The war continues to have a dramatic impact on the shipping and oil industry,

The escalating Iran crisis could disrupt 55–65% of India’s LNG imports that pass through the Strait of Hormuz, raising concerns about energy shortages and rising input costs for several industries, according to an analysis by Shriram Asset Management.

President Trump said Friday that the U.S. launched punishing air strikes on Iran’s Kharg Island while sparing vital oil infrastructure as he pressed the country not to interfere with shipping through the Strait of Hormuz.

Iran’s new supreme leader said the Strait of Hormuz should remain shut and Tehran will look to open other fronts in the war if the US and Israel persist with their attacks.