Conflict between Israel and Iran has rekindled fears of a disruption to a narrow waterway key to the global economy. Skyscraper-sized tankers ferry roughly one-fifth of the world’s petroleum, as well as massive cargoes of natural gas,

The Strait of Hormuz is considered the world's most important gateway for oil transport. Hostilities between Iran and Israel have raised fears that shipping and crude flows through the narrow waterway may now slow down.

Israel launched strikes against Iran on June 13, saying it targeted nuclear facilities, ballistic missile factories and military commanders during the start of a prolonged operation to prevent Tehran from building an atomic weapon.

The Strait of Hormuz is both a vital passage point and a permanent point of tension. As long as the world depends on Oil from the Persian Gulf, its security will remain a major geostrategic concern. If Iran were to cross the red line, the consequences would not be limited to barrels of Oil, but the global economic balance could be shaken.

There are reports that a few shipping lines may be reassessing routes, particularly the choke point of the Strait of Hormuz, given the heightened threat in the region. This could further add to the transportation cost to and from the region.

Amid escalating attacks between Iran and Israel, Iran threatens to withdraw from the Nuclear Non-Proliferation Treaty and potentially close the Strait of Hormuz, a critical global oil route.

The escalating Israel-Iran conflict has prompted shipowners to exercise an extra degree of caution in both the Red Sea and the Strait of Hormuz.

Israel's air strikes on Iran are unlikely to cause a major disruption to oil supply, and market analysts believe a full-scale shutoff of oil flows by closing the Strait of Hormuz is unlikely

Located between Oman and Iran, the Strait of Hormuz is the world's most important access route for oil transportation.