Few waterways on Earth carry as much strategic importance as the Strait of Hormuz. Although it is only about 21 miles (34 kilometers) wide at its narrowest point, this narrow passage serves as the gateway between the Persian Gulf and the Gulf of Oman, allowing a substantial share of the world's seaborne oil and liquefied natural gas (LNG) exports to reach global markets. Because of its importance, any disruption immediately affects energy prices, shipping costs, and financial markets worldwide. (Taylor...Click for full post