What would blocking the Strait of Hormuz mean for global oil and LNG shipments?

Iran partially and temporarily closed the strategic Strait of Hormuz during a military drill on Tuesday, thrusting the vital shipping route under the global spotlight once again. The hours-long suspension was the first time Tehran had restricted traffic through the strait since US President Donald Trump’s warning last month that Washington could take military action over Iran’s nuclear programme, with tensions still high between the two sides despite recent bilateral talks in Geneva. Here, we...