The Strait of Hormuz is considered the world's most important gateway for oil transport. Hostilities between Iran and Israel have raised fears that shipping and crude flows through the narrow waterway may now slow down.

The Emirati national guard says it has evacuated 24 people from an oil tanker after a collision between two ships just east of the world’s most critical oil chokepoint, the Strait of Hormuz.

A tanker collision near the Strait of Hormuz has triggered market jitters over oil supply, with potential ripple effects for India's energy security and inflation outlook