Millions of barrels of oil and gas are being held up as war breaks out over the major shipping route, with maritime traffic reportedly dropping 80 per cent

Spike follows claims by Iran’s Revolutionary Guards they struck three US and UK oil tankers in the Gulf and the Strait of Hormuz

The Strait of Hormuz, a waterway that runs alongside Iran and through which roughly 20 percent of the world's oil supply runs through has been blocked.

At least four tankers have been struck by drones and maritime traffic has dropped by 80%, reports say

The Strait of Hormuz is the narrowest point in the Persian Gulf and a vital link for oil shipments. See where it is and what could happen next.

One-fifth of the global oil is shipped through the strait, which remains effectively closed amid US-Israeli war on Iran.

Millions of barrels of oil and gas are being held up as war breaks out over the major shipping route, with maritime traffic reportedly dropping 80 per cent

Millions of barrels of oil and gas are being held up as war breaks out over the major shipping route