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Energy

Here's why the Strait of Hormuz is the world's most important oil chokepoint

Key Points
  • Daily oil flow in the Strait averaged 21 million barrels per day in 2018, according to the U.S. Energy Information Administration (EIA).
  • Six oil tankers and a U.S. spy drone have been attacked since May in, or near, the waterway amid intensifying tensions between the U.S. and Iran.
  • The inability of oil to transit a major chokepoint, even temporarily, can lead to substantial supply delays and higher shipping costs — resulting in higher world energy prices.