The Strait of Hormuz is one of the busiest shipping routes in the world and provides the only sea passage from the Persian Gulf to the open ocean. An average of about 20 million b

As the conflict escalates, container shipping faces growing risks from a potential chokepoint closure, rising insurance costs and surcharges from major carriers.

The Iranian government reveals its plan to close the Strait of Hormuz, a crucial waterway responsible for 20 percent of the world's oil consumption.