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,

The escalating Israel-Iran conflict has prompted shipowners to exercise an extra degree of caution in both the Red Sea and the Strait of Hormuz.

Qatar has asked liquefied natural gas vessels to wait outside the Strait of Hormuz until they’re ready to load amid escalating tensions in the region, according to a person with direct knowledge of the matter.

Located between Oman and Iran, the Strait of Hormuz is the world's most important access route for oil transportation.

The Strait of Hormuz is both a vital passage point and a permanent point of tension. As long as the world depends on Oil from the Persian Gulf, its security will remain a major geostrategic concern. If Iran were to cross the red line, the consequences would not be limited to barrels of Oil, but the global economic balance could be shaken.

Investing.com -- Escalating tensions between Iran and Israel have pushed oil prices higher as markets react to potential disruptions in the strategically vital Strait of Hormuz, through which approximately 20% of global oil consumption flows, shipping ...

Qatar, among the world's biggest liquefied natural gas exporters, sends almost all of its LNG through the strait. Iran has threatened over the years to block the strait but has never followed through. The U.S. Fifth Fleet, based in Bahrain, is tasked with protecting commercial shipping in the area.

Iran’s threat to shut Homruz comes as a vessel crashed into two ships sailing nearby, 22 nautical miles east of Khor Fakkan in the UAE. The Emirati national guard said it evacuated 24 people from an oil tanker after the collision.

Former Foreign Secretary Shashank noted that while India would eventually have to seek alternative routes and sources for energy, an immediate disruption would be costly for the economy.

The number of container vessels slowing down at the Strait of Hormuz is more than three times the normal level, said Ami Daniel, chief executive of artificial intelligence company Windward, amid fears that shipping may be targeted during the conflict between Iran and Israel.

Peter Tirschwell from S&P Global Market Intelligence discusses the potential disruption to global shipping as a result of escalating conflict between Israel and Iran.

There are reports that a few shipping lines may be reassessing routes, particularly the choke point of the Strait of Hormuz, given the heightened threat in the region. This could further add to the transportation cost to and from the region.