Lower thirds:

00:02 Report by / Dan Hirschfeld

Script:

The Strait of Hormuz - a narrow passageway between Oman and Iran. Tankers from many countries use it ... Most of them transporting crude oil from the Gulf Region to Europe, Asia and North America. 

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The Strait of Hormuz is a bottleneck between the Persian Gulf and the Gulf of Oman - only 33 kilometers wide at its narrowest point...And the waterway for big ships is only 3.7 kilometers wide.
 
And now Iran's revolutionary guards have reportedly said
 
ships are not allowed through the strait amid the ongoing war. 

A fifth of the world's oil supply is transported through the Strait of Hormuz. 

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The channel is the second biggest route for oil after the Strait of Malacca...and more significant than the Suez Canal. 

So it would be very difficult to compensate for disruption amid the ongoing war. 

The result is - higher oil prices...The US-Israel war with Iran has already sent prices spiking. And if that continues over the coming weeks, consumers around the world will see the impact in the cost of goods.

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