- Recent tensions with Iran were triggered near the Strait of Hormuz, where two oil tankers exploded and Iran shot down a US drone last month.
- The narrow strait is the most important chokepoint for the world’s oil supply. Some 21 million barrels — or $1.197 billion worth of oil — pass through the strait every day.
- Iranian President Hassan Rouhani threatened last month that he would close the strait amid ongoing tensions.
- Strained relations between Iran and the rest of the world could lead to Tehran closing the strait, which would disrupt global oil supply and send prices shooting up.
- Visit Business Insider’s read more >>>