The Strait of Hormuz, the vital artery for global oil transit, has been effectively closed since the Iran war started in late February.

The current Hormuz closure has ripped approximately 10 percent of global oil supplies right out of the market. This puts our current crisis squarely between the two worst energy shocks in modern history.

If both chokepoints are disrupted at the same time, nearly a quarter of the world’s oil and gas supply and a major portion of Asia-Europe trade may face immediate turbulence.