WATCH: How traffic dried up in the Strait of Hormuz since the Iran war began

"When analysts have looked at the things that could go wrong in global oil markets, this is about as wrong as things could go at any single point of failure. About 20 million barrels of oil per day typically pass through the strait. Some countries, including the U.S., do have stockpiles, and some producers in the Gulf region can redirect oil away from the strait to other ports. But those changes can't make up all of the shortfall."

"Recent attacks have struck oil and gas infrastructure in nearby countries, including Saudi Arabia, Qatar and UAE. That raises questions about the feasibility of some alternate routes for oil. And if infrastructure is damaged, the hit to production and exports could even outlast the closure of the strait. Iraq, a major oil producer, is having to shut down production in some of its largest oil fields because without being able to export it through the Strait of Hormuz, it has nowhere to put that oil."

"We're now facing what looks like the biggest energy crisis since the oil embargo in the 1970s. Traffic through the normally busy strait faded away in the first few days of the conflict, as Iran declared the strait closed and attacked some ships that attempted the route. Global crude oil prices already elevated due to the risk of war have shot up more than 10% since the U.S. and Israel attacked Iran."

The closure of the Strait of Hormuz represents a critical disruption to global energy markets, with approximately 20 million barrels of oil per day and significant natural gas volumes typically transiting through this vital waterway. Following Iranian attacks and declarations of closure, crude oil prices have risen over 10%, while European and Asian natural gas prices have surged even more sharply due to heavy reliance on imported liquefied natural gas. Although some countries maintain strategic stockpiles and Gulf producers can redirect oil to alternate ports, these measures cannot fully compensate for the shortfall. Recent attacks on oil and gas infrastructure in Saudi Arabia, Qatar, and the UAE further threaten alternate export routes. Iraq, a major producer, faces production shutdowns in its largest oil fields due to export constraints. Industry experts characterize this situation as the most severe energy crisis since the 1970s oil embargo.

Read at www.npr.org