The Strait of Hormuz is a critical gateway to the world’s oil industry, with more than a fifth of global oil supply flowing through a narrow sea channel used by Gulf countries like Iran, Saudi Arabia and the United Arab Emirates. The strategically important waterway links crude producers in the Middle East with key markets across the world. Daily oil flow in the Strait averaged 21 million barrels per day in 2018, according to the U.S. Energy Information Administration (EIA). That’s the equivalent of about 21% of global petroleum liquids consumption — making it the world’s most important oil chokepoint. The EIA ... (full story)