The Strait of Hormuz, the world's most critical chokepoint for oil shipments, has been effectively closed since the U.S. and Israel began the war on Iran.

A Strait of Hormuz closure due to U.S.-Iran war hit the oil market hard, but sectors reliant on shipping across economy from metals to farming are vulnerable.

In December 2025, the U.S. seized a sanctioned tanker flying the flag of Guyana, where it wasn't registered. The vessel was, in legal terms, stateless.