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.

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

Iran’s new supreme leader vowed to keep attacking the country's Gulf Arab neighbors and using its threat of closing the Strait of Hormuz as leverage. On Thursday, an anchor on Iranian state TV read Ayatollah Mojtaba Khamenei's first statement since becoming supreme leader.

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.

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,

Gas prices are climbing as the Iran war essentially shuts down shipping through the Strait of Hormuz, a narrow passage off Iran’s coast that serves as a key route for oil and gas from the Persian Gulf.