Global markets have remained relatively calm amid the escalating tensions between Israel and Iran. But that sentiment could quickly shift, according to experts, if the conflict affects the Strait of Hormuz.

Iran’s threat to shut Homruz comes as a vessel crashed into two ships sailing nearby, 22 nautical miles east of Khor Fakkan in the UAE. The Emirati national guard said it evacuated 24 people from an oil tanker after the collision.

Kharg Island is a small island in the Persian Gulf. It lies 16 miles off the northwest coast of Iran. It's 451 miles from Tehran, Iran's capital — roughly the distance from Detroit to New York City. It is just five miles long,

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

Hormuz Strait separates Iran from Oman and UAE, connecting the Persian Gulf to the Arabian Sea. Every day, around 20 million barrels of oil transit the Strait

The intensifying conflict between Israel and Iran has led to tanker owners halting offers for Middle East oil routes, causing freight rates to jump and raising concerns about disruptions to global oil flows.

Freight rates for VLCCs in the Persian Gulf hit multiweek highs as the conflict between Israel and Iran roils the global shipping market.

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Unverified reports are circulating about three ships ablaze in the Gulf of Oman, near the Strait of Hormuz, heightening regional tensions. These claims, accompanied by photos, raise concerns about the stability of this vital waterway.