The Hormuz Strait, a narrow maritime passage connecting the Persian Gulf with the Arabian Sea, has become a focal point of global tension after Iran effectively blocked it following a joint US-Israel attack on Iran on February 28. The strait lies between Iran to the north and Oman and the United Arab Emirates to the south, serving as one of the world’s busiest oil transport routes.

According to the report, about 20 percent of the world’s oil and liquefied natural gas typically pass through this route, with shipments from Iran, Iraq, Kuwait, Qatar, Saudi Arabia, and the UAE. Normally, around 3,000 vessels transit the strait each month, but traffic has dropped sharply as Iran has threatened attacks on tankers and other ships. Since the conflict began, at least 21 vessels have been attacked or targeted.

The disruption has pushed global energy prices higher, with crude oil surpassing 100 dollars per barrel, marking a 70 percent rise this year and 50 percent higher than last year.