Iran-US tensions: What would blocking Strait of Hormuz mean for oil, LNG?

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Tensions between Iran and the US have risen, focusing attention on the Strait of Hormuz. The US is increasing its military presence in the Gulf, while Iran conducted military drills in the Strait of Hormuz, temporarily closing sections of the waterway. The Strait, located between Iran, Oman, and the UAE, is a critical chokepoint for global oil and gas supplies. Approximately 20 million barrels of oil, equating to $500 billion in annual energy trade, pass through the Strait daily. Closure of the Strait would have significant economic consequences, disrupting global energy markets.
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