The Strait of Hormuz is one of the busiest shipping routes in the world and provides the only sea passage from the Persian Gulf to the open ocean. An average of about 20 million b

The CEO of Italian energy company Eni said on Wednesday oil markets are signalling that an escalation between Israel and Iran and the closure of the Strait of Hormuz is unlikely.

As the conflict between Israel and Iran intensifies, speculation is rising about whether the Iranians will close the Strait of Hormuz, which is critical to the world’s oil production. Two ocean tankers crashed into each other and burst into flames near the strait early Tuesday morning amid reports of electronic interference caused by Israel and