Why is Strait of Hormuz so critical to the world?

12 hours 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