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.

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-US war latest: Israel says it has ‘thousands of targets’ left to hit as Trump issues Strait of Hormuz warning to Nato - The US president said it is only appropriate that those who benefit from oi

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.

Several U.S. allies rebuffed Donald Trump's call Monday to send warships to escort shipping through the Strait of Hormuz, drawing criticism from the U.S. president, who accused Western partners of ingratitude after decades of support.

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.

Foreign Minister S Jaishankar told FT there was no "blanket arrangement" for Indian ships to pass through the strait.