Iran's blockade of the Strait of Hormuz has resulted in the loss of nearly a billion barrels of oil with the shortage growing worse every day.

The Strait of Hormuz remains closed as the oil market hopes the U.S. and Iran will strike a deal that could restore energy shipments.

Iran's blockade of the Strait of Hormuz has resulted in the loss of nearly a billion barrels of oil with the shortage growing worse every day.