WHY THE STRAIT OF HORMUZ MATTERS TO ENERGY MARKETSThe Israel-Iran conflict has revived fears of disruption to the Strait of Hormuz, a vital route for about 20% of the world’s oil and large amounts of natural gas.Any blockage of this narrow passage—used by tankers from energy-rich Gulf nations—could spike oil prices by $8 to $31 per barrel and trigger global market chaos, potentially involving Western and Chinese naval forces.While Iran has often threatened to close the strait during tensions, many see it as unlikely. Still, recent fears have driven up shipping costs and pushed U.S. crude prices up 11% to around $72 a barrel.