Iran has blocked the Strait of Hormuz, a critical passage for a large amount of the world's oil and gas.

A near-total shutoff of oil and gas out of the Middle East has occurred due to the Iran War.

The White House demanded Iran reopen the Strait of Hormuz.

The blocking of the Strait of Hormuz will cause an enormous increase in the price of energy, oil, and gas, with knock-on impacts on food and fertilizer prices.

The Strait of Hormuz is crucial for global trade, carrying one-fifth of the world's oil and gas, and essential chemicals for food production and microchips.

Iran has been threatening to cut off the supply of oil through the Strait of Hormuz region.