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The Middle East is the world's leading oil-producing region and a major hub for maritime trade. Its waterways are a critical passage for oil-carrying cargo ships and container ships carrying goods and equipment.
This is especially true for the Strait of Hormuz, which processes a quarter of the world's oil trade. At the mouth of the Persian Gulf, the narrow channel lies in the territorial waters of Iran and Oman, and at its narrowest point is only 33 km wide.
It flows into the Gulf of Oman, from where ships can travel to the rest of the world. Analysts at Goldman Sachs predict that blockades in the strait could push oil prices above $100 (£74) a barrel.
According to the International Monetary Fund, inflation in developed economies increases by about 0.4 percentage points for every 10% increase in oil prices.
However, closing the route would be an extreme step for Iran, as it could anger its main customer - China - as well as Qatar and the United Arab Emirates, two other major oil-producing states.
Analysts at Goldman Sachs predict that blockades in the strait could push oil prices above $100 per barrel.
According to the International Monetary Fund, inflation in developed economies increases by about 0.4 percentage points for every 10% increase in oil prices.
However, closing the route would be an extreme step for Iran, as it could anger its main customer - China - as well as Qatar and the United Arab Emirates, two other major oil-producing states.
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