Oil prices surged on Monday due to disruptions in tanker traffic through the Strait of Hormuz, a critical chokepoint for approximately one-fifth of the world's oil supply. This narrow waterway, connecting the Persian Gulf to the Gulf of Oman and bordered by Iran, facilitates the transport of oil and gas from major Middle Eastern producers to Asia. While the strait is not officially closed, attacks on vessels and electronic interference have led major global shippers like Maersk, Hapag-Lloyd, CMA-CGM, and MSC to suspend operations. This has resulted in a significant buildup of tankers in the region, with an estimated 70 laden oil tankers and 75 clean tankers waiting in the Mideast Gulf, roughly double the usual number, and about 60 more anchored outside. Experts warn that a prolonged closure could drastically increase crude oil and natural gas prices.