Yet another potential source of disruption to the global energy market, and perhaps one less tied to the Russia–Ukraine war, has arisen in the Middle East. As Iran blocks traffic through the Strait of Hormuz, a critical chokepoint through which nearly 20 million barrels per day (mb/d), one-fifth of the world's oil supply, passes, raising the likelihood of yet another global energy crisis. Recent escalations involving Iran, Israel, and U.S. naval deployments in 2025–26 have a
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