Why is Strait of Hormuz so critical to the world?

3 days ago

Iran's foreign minister said the Strait of Hormuz was open for all commercial vessels for the remainder of the US-brokered ceasefire between Israel and Iran-backed Hezbollah, prompting a sharp fall in the price of oil. A senior Iranian official said all vessels, except for naval ships, would be able to sail through the strait, but their plans needed to be coordinated