What impact will the Iran-US-Israel escalation have on global oil prices?

International monitoring systems for oil tanker traffic have reported that the speed of ships around the Strait of Hormuz has dropped to zero.

The area between the Persian Gulf and the Gulf of Oman is the world's foremost chokepoint for oil and petroleum products, with around 20 million barrels per day passing through since 2024.

That number represents up to 30% of global seaborne oil trade, while a fifth of global LNG also passes through the 46km-wide, high-risk channel.

To diss this we speak with John Gong, professor at the University of International Business and Economics (UIBE), and a China Forum expert.