Global oil prices have already climbed following strikes across the Middle East after the US and Israel launched attacks on Iran over the weekend. Roughly 15 million barrels of crude oil per day — about 20% of the world ’s oil — are shipped through the Strait of Hormuz, making it the world’s most critical oil chokepoint, according to Rystad Energy. Tankers traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq , Qatar , Bahrain,