The Iranian government reveals its plan to close the Strait of Hormuz, a crucial waterway responsible for 20 percent of the world's oil consumption.

Cargo movement through the Strait of Hormuz has marked a small decline, but there’s been no major disruption to key oil infrastructure so far, easing some of the worst fears about the ongoing conflict between Iran and Israel.

As the conflict escalates, container shipping faces growing risks from a potential chokepoint closure, rising insurance costs and surcharges from major carriers.