London CNN —
Global oil prices have spiked in recent days as the conflict in the Middle East has reached fever pitch. They could rise yet further if Israel’s widening war embroils the vital Strait of Hormuz off Iran’s southern coast.
The slim waterway — just 21 miles (34 kilometers) wide at its narrowest point — is “the world’s most important oil transit chokepoint,” according to the US Energy Information Administration.
About one-fifth of the world’s global oil trade passes through the strait every day, notes Simone Tagliapietra, a senior fellow at Brussels-based think tank
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