Strait of Hormuz on the brink: Global oil crisis looms

As missile strikes between Iran and Israel escalate, another crisis is unfolding in the background: Iran’s threat to block the Strait of Hormuz — a vital artery for global oil and LNG shipments.

This narrow waterway handles 20 per cent of the world’s daily oil supply and 25 per cent of global LNG exports, making it critical to energy security. With tensions rising, crude prices are surging, tanker rates are doubling, and countries like India, which are 90 per cent dependent on oil imports, are directly in the line of fire.