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.

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.

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