Closure of the Strait of Hormuz could drive up the price of oil, hiking U.S. prices for gasoline and other goods, while slowing the global economy, experts said. But, they added, the move risks ...

Iran threatened to close the Strait of Hormuz, a vital shipping lane handling 20% of global petroleum demand, in response to U.S. and Israeli strikes on Iranian nuclear facilities.

The EIA estimates that 84% of the crude oil and 83% of the liquefied natural gas that moved through the Strait of Hormuz last year went to Asian markets.China, the largest buyer of Iranian oil ...

The Strait of Hormuz is a vital artery for global energy flows, accounting for about 25% of global seaborne oil shipments and about 20% of liquified natural gas flows.

Closing the Strait of Hormuz would send oil prices massively higher — at least at first. If Iran blocked the strait, oil prices could shoot as high as $120-$130 per barrel, ...

What is the Strait of Hormuz? The Strait is narrow, stretching roughly 31 miles at its widest point. Iran is on its north bank opposite Oman and the United Arab Emirates (UAE).

Last year, an average of about 20 million barrels per day passed through the Strait of Hormuz, which amounts to roughly 20% of liquid petroleum consumed worldwide, according to the U.S. Energy ...

“If Iran blocks the Strait of Hormuz, even for one day, oil can temporarily hit $120 or even $150 a barrel,” said Kpler Ltd. senior crude analyst Muyu Xu.