<h1>Iran threatens Strait of Hormuz closure amid tensions affecting 20% global oil supply daily</h1> Tensions between Iran and Israel have raised concerns about potential closure of the Strait of Hormuz, a critical oil chokepoint through which 20% of global oil consumption passes daily. The strait, located between Oman and Iran, handles 20 million barrels per day, primarily destined for Asia. Iran possesses naval capabilities including fast-attack boats, mines, and missiles that could temporarily block the waterway. Closure would spike oil prices to $120-130 per barrel and severely impact Asian markets, particularly China, India, Japan, and South Korea. However, analysts believe Iran unlikely to close the strait as it would harm its own oil exports, damage relations with China, and provoke US military intervention to reopen the waterway.