Iran closes key Strait of Hormuz shipping route after ayatollah threatens to sink US warships - The strategic waterway has not been shut since the 1980s. The move comes amid ongoing tensions with the

Iran conflict halts Strait of Hormuz tanker traffic, risking global oil supply. Here’s why the narrow Gulf passage is vital and how it impacts crude prices.

Fearing the supply disruption, Brent crude climbed to $78.55 per barrel, up 7.8% from $72.87 The Strait of Hormuz is crucial as about 20% of global oil supply,that is around 15 million barrels per day, pass through it.

The Middle East conflict has stoked fears of prolonged disruption to global trade via key maritime corridors.

Attacks by the U.S. and Israel on Iran, and Iranian missile and drone attacks on neighboring countries, have disrupted oil and gas supplies to the rest of the world — and dealt an energy price

The average price for a gallon of gasoline jumped 11 cents overnight to about $3.11 in the U.S., according to motor club AAA. Gas prices were already rising before the U.S. launched strikes on Iran as refiners switch over to summer blends of fuel,

The widening war in Iran has ground tanker traffic through the Strait of Hormuz to a halt and oil prices have soared, highlighting the important role the narrow passageway plays in global energy supply.

Amid the war in the Middle East, Iran has been targeting key energy infrastructure across the region. Tehran is also threatening energy exporters, warning that tankers entering the Strait of Hormuz — a narrow,