The Strait of Hormuz lies between Oman and Iran and is considered the world’s most important chokepoint. It is 21 miles wide at its narrowest point, while the shipping lanes in each direction are just two miles wide. Over a third of global seaborne crude oil exports pass through the Strait of Hormuz with roughly 21 million barrels per day (mbpd) of crude, condensate and refined products from OPEC’s top five producers (Saudi Arabia, UAE, Kuwait, Iraq and Iran). The majority of the oil that flows through the Strait heads towards Asia, while Western nations also heavily rely on the supplies from the Strait. Typically, ... (full story)