The war between Iran, the US and Israel has escalated into a major global crisis, with consequences that are reaching far beyond the Middle East. The closure of the Strait of Hormuz, through which around 25% of the world’s oil ordinarily passes, has rattled global energy markets.
This has only been worsened by the US naval blockade of Iranian ports, which was imposed on April 13 in an attempt to restrict Iran’s ability to export its oil. In early May, the US Defense Department estimated that Iran had been denied nearly US$5 billion (£3.7 billion) in oil revenue due to the blockade.
