Iran-US Tensions: How Strait of Hormuz blockade could ripple through global oil and gas supplies | Explained Rising tensions between Iran and the United States have put the Strait of Hormuz, the world’s most critical oil chokepoint, back in focus, with any blockade threatening nearly a fifth of global oil and LNG supplies. Experts warn that even a brief disruption could send oil prices soaring above $100 a barrel, fuel inflation, and hit energy-dependent Asian and Gulf economies hard.