00:00The Strait of Hormoz, a 33-kilometer-wide waterway between Iran and Oman,
00:05moves about 20 million barrels of oil a day, roughly 20% of the world's oil,
00:10and a big slice of liquefied natural gas.
00:13If Iran blocks it, oil prices could surge between $100 to $150 a barrel,
00:19according to Goldman Sachs.
00:21That means higher fuel, food, and shipping costs worldwide.
00:25Around 84% of Hormoz oil heads to Asia.
00:28A shutdown would force tankers to sail around Africa, adding 10 to 15 days and major costs.
00:35U.S. gasoline and European energy bills would also rise.
00:39Traffic is already down 70%, with 150-plus tankers waiting.
00:44The world is watching because a prolonged closure means everyone will feel another ripple of global inflation.
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