Iran's threats to shut the Strait of Hormuz come as retaliation for recent U.S. airstrikes on its nuclear facilities. The Strait is a vital waterway for global commerce, with 20 million barrels of oil transiting daily. Any disruption could have dire implications for the world economy, as it accounts for a significant portion of global oil and gas shipments. The geopolitical tensions surrounding this region are exacerbated by the ongoing conflict involving Israel and Iran, where U.S. involvement adds to the complexity of the situation.
"Iran controls the Northern side of the Strait of Hormuz, a passage crucial for global trade, particularly oil and gas exports."
"Any interruption through the Strait of Hormuz could be catastrophic, given that about 20 million barrels of oil pass through it daily."
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