Oil prices are up swinging wildly as the widening Iran war disrupted tanker traffic through the Strait of Hormuz, highlighting how important the passageway is to the world's oil supply.

The Strait of Hormuz is one of the most sensitive pressure points in the global economy. Conflict in Iran could put it at risk indefinitely.

Iranian drone attacks temporarily shut Dubai airport and hit a key oil facility in the UAE. Read more at straitstimes.com. Read more at straitstimes.com.

Iran's threat to close the Strait of Hormuz has halted shipments, raised oil prices and increased risks of global supply delays.

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

Iran-US war latest: Trump demands seven countries help open Strait of Hormuz as Dubai airport hit by fresh attack - The US president said it is only appropriate that those who benefit from oil coming

At least 12 incidents have been confirmed involving vessels in and around the Strait of Hormuz since the war began, according to two global trackers.

The Strait of Hormuz is the narrow mouth of the Persian Gulf through which about a fifth of the world's oil passes. Tankers traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE and Iran. Most of that oil goes to Asia.

The Islamic Republic has vowed to block the region’s oil exports, saying it would not allow “even a single liter” to be shipped to its enemies.

Iranian Foreign Minister Abbas Araghchi told CBS News that ‘a number of countries’ have approached Iran about safe passage for their vessels through the Strait of Hormuz.