The Strait of Hormuz is considered the world's most important gateway for oil transport. Hostilities between Iran and Israel have raised fears that shipping and crude flows through the narrow waterway may now slow down.

Two giant ocean-going tankers collided and caught fire near the Strait of Hormuz energy chokepoint, rattling global oil and shipping markets that have been on high alert since Israel attacked Iran.

Iran’s threat to shut Homruz comes as a vessel crashed into two ships sailing nearby, 22 nautical miles east of Khor Fakkan in the UAE. The Emirati national guard said it evacuated 24 people from an oil tanker after the collision.

A tanker collision near the Strait of Hormuz has triggered market jitters over oil supply, with potential ripple effects for India's energy security and inflation outlook

Strait of Hormuz is used for exporting crude oil to Asia by members of OPEC including Saudi Arabia, Iran, the United Arab Emirates, Kuwait, and Iraq

As the conflict escalates, container shipping faces growing risks from a potential chokepoint closure, rising insurance costs and surcharges from major carriers.

The Emirati national guard says it has evacuated 24 people from an oil tanker after a collision between two ships just east of the world’s most critical oil chokepoint, the Strait of Hormuz.