But at just 35 miles wide, it did. It’s just the latest evidence of how dependent the global economy is on a handful of choke points.

The U.S. and Israel’s war with Iran has thrust the Strait of Hormuz into the crosshairs of yet another geopolitical conflict.

The gasoline shock is due to a near-closure of the Strait of Hormuz, a critical, narrow waterway off the southern coast of Iran that facilitates shipping for about 20% of oil consumed worldwide. Iran has attacked several oil tankers since the war began in late February,

Oil and liquefied natural gas tankers moving through the Strait of Hormuz carry around 20% of the world’s supply. But for countries on the Persian Gulf, the waterway is more than just an energy route – it’s a lifeline for more than 100 million people.

Bank of America and Standard Chartered on Monday raised their 2026 oil price forecasts, citing a prolonged supply shock from the shutdown ​of the Strait of Hormuz and the likelihood of a long‑tail disruption to global ‌energy markets.

Moscow rushed to load crude onto tankers to take advantage of soaring oil prices triggered by Iran’s effective closure of the Strait of Hormuz, and a US tariff waiver that permits buyers to purchase those barrels without fear of sanctions.

US President Donald Trump urged NATO allies and China to help reopen the Strait of Hormuz after Iran blocked the key oil route

Global oil and natural gas prices have soared after Iran attacked a key natural gas facility in Qatar that can supply one-fifth of the world's gas, and two oil refineries in Kuwait