Two tankers ablaze after incident close to Strait of Hormuz

Although the incident seems unrelated to the continuing Israel–Iran hostilities, it has unsettled international oil and transport markets. The Strait of Hormuz – close to the place the collision occurred – is a crucial maritime chokepoint by which about 20% of worldwide petroleum liquids consumption flows each day, in accordance with the US Vitality Info Administration. In 2022, this amounted to roughly 17 million barrels per day, making it essentially the most crucial oil transit route on the earth.