The United States and Israel launched an attack on Iran on Saturday (February 28), an escalation that could lead to the closure of the Strait of Hormuz, a major oil shipping route at the mouth of the Persian Gulf.

Iran has repeatedly threatened to close the strait, signalling that it can disrupt the vital maritime artery that carries a fifth of the world's oil consumption. But Tehran has never followed through on its threats to close off access to the strait completely, as this would prevent it from shipping its own oil abroad and would likely provoke a rapid international response.

If Iran were to follow through on its threat, oil prices could rise sharply, which would deal a massive blow to the global economy. In February, oil prices rose to their highest levels in months as traders worried about the consequences of US military strikes on Iran.

On Saturday, traffic through the Strait of Hormuz effectively came to a halt, as several oil shippers and traders suspended energy shipments through the waterway, amid safety concerns and warnings from the authorities.