In the wake of recent US airstrikes on Iranian nuclear sites, shipping activity around the Strait of Hormuz has seen significant disruptions. Tankers are reported to be reversing course or diverting to avoid the strait, sparking concerns over potential Iranian retaliation, which could threaten one-fifth of the world’s oil supply. Iranian officials, including the Foreign Minister, are holding discussions in Moscow amid these rising tensions. The Iranian parliament has reportedly voted in favor of closing the strait, a move that could lead to a spike in oil prices and significant impacts on global trade. The US has urged China to intervene and prevent Iran from taking drastic measures that could destabilize the region. Shipping groups are increasingly opting to avoid the strait altogether as threats escalate, while global markets remain on edge regarding potential disruptions to oil flows.