Hormuz Oil Traffic Plummets: Is the World's Most Critical Chokepoint Closing?

Traffic through the Strait of Hormuz has fallen sharply, raising concerns about the stability of global oil supplies. The Strait of Hormuz is a narrow waterway between Iran and Oman. It is the world's most important oil passage. Roughly one-fifth of all global oil consumption passes through it every day. New data shows a steep drop in the number of ships using the route. The cause of the decline is not yet confirmed. Any disruption at Hormuz can quickly raise global energy prices. It can also slow economies far from the region. Analysts are watching the situation closely. They warn that a prolonged slowdown in traffic could affect fuel costs worldwide.