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

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

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.