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The world has held a close eye on the Strait of Hormuz lately with Israeli and U.S. strikes on Iran. Nearly a quarter of the world's seaborne oil passes through the narrow waterway, and many are worried Iran could shut the strait down. Today on the show, we explore what it would mean for Iran to close off the strait, and what insurance could tell us about tensions in the Middle East.
Related episodes:
Oil prices and the Israel-Hamas war (Apple / Spotify)
How the 'shadow fleet' helps Russia skirt sanctions (Apple / Spotify)
For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money via Apple Podcasts or at plus.npr.org.
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Hope for a de-escalation in the conflict was most evident in the energy market, where oil prices fell more than 7 percent.
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If Iran moves to blockade the Strait of Hormuz, oil and gas prices could spike, but analysts see that scenario as unlikely for now.
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