As the conflict between Israel and Iran intensifies, speculation is rising about whether the Iranians will close the Strait of Hormuz, which is critical to the world’s oil production. Two ocean tankers crashed into each other and burst into flames near the strait early Tuesday morning amid reports of electronic interference caused by Israel and

Despite Iran's repeated threats to close the Strait of Hormuz, a vital waterway for global oil and gas transit, it has never followed through due to strategic and economic costs. Analysts believe the oil markets are well-supplied,

The CEO of Italian energy company Eni said on Wednesday oil markets are signalling that an escalation between Israel and Iran and the closure of the Strait of Hormuz is unlikely.