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.

A few more weeks of the status quo, where most tankers are prevented from crossing the Strait of Hormuz, will push the current crisis into a whole new phase.

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.

Supply chain disruptions caused by the Iran war are spreading beyond oil markets into global food and chemical industries, according to media reports.