Conflict between Israel and Iran has rekindled fears of a disruption to a narrow waterway key to the global economy. Skyscraper-sized tankers ferry roughly one-fifth of the world’s petroleum, as well as massive cargoes of natural gas,

Commercial ships are sailing close to Oman and are being advised by maritime agencies to avoid Iran's waters around the Strait of Hormuz, with the risk of the conflict between Israel and Iran escalating,

Despite the strategic importance of the Strait of Hormuz, oil markets currently show little reaction to escalating regional tensions.