Following through on an old threat, Iran has effectively closed the Strait of Hormuz, cutting off a vital waterway that normally carries about a fifth of global oil and liquefied natural gas supplies, in retaliation for U.S.-Israeli strikes.
As oil markets worry about a global energy crisis, the United States has said it may consider escorting vessels through the strait, which could prove very hard to secure ¡ª something Yemen¡¯s Houthis proved in disrupting Red Sea shipping last year.
About a fifth of global oil and liquefied natural gas normally passes through the strait, where traffic has dropped by 97% since the U.S.-Israeli war against Iran began on Feb. 28, according to United Nations data.
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