The world's most important waterway has been closed for 66 days. Here's what that actually means. The Strait of Hormuz was effectively closed by Iran following U.S. and Israeli strikes on February 28. Before the war, roughly 20 million barrels of oil passed through it daily, about 20% of global production. Even with some producers finding alternative routes, 10-12 million barrels of crude remain choked off from global markets right now. The strait also handles around 20% of global LNG trade, largely from Qatar, meaning energy prices worldwide are under pressure. Iran controls the northern side and there is no comparable alternative route for this volume of oil and gas. Every negotiation, every military move in this conflict runs through a waterway 33km wide at its narrowest point. Source: CNN
