About 150 tankers are anchored in the Gulf waters near the crucial trading route of the Strait of Hormuz, raising concerns of a potential blockade that could lead to a significant increase in oil prices. The strait, which handles a fifth of the world’s oil trade, is a narrow passage connecting the Persian Gulf to the Gulf of Oman and the Arabian Sea. Iran, UAE, and Oman surround the strait, with the potential closure threatening global oil supply and prices.
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