Though the incident appears unrelated to the ongoing Israel–Iran hostilities, it has unsettled global oil and shipping markets. The Strait of Hormuz – near where the collision occurred – is a vital maritime chokepoint through which about 20% of global petroleum liquids consumption flows daily, according to the US Energy Information Administration. In 2022, this amounted to approximately 17 million barrels per day, making it the most critical oil transit route in the world.