New york: Renewed hostilities between the United States and Iran have brought back fears of oil supply disruption. Prices are on track for their steepest weekly gain since mid-July, up 7.6%, as the US-Iran war enters its seventh month. Twenty-five percent of the world's oil supply comes through the Strait of Hormuz, which has been blocked since the beginning of the war. FRANCE 24's international affairs editor Philip Turle gives more details.

According to France24.com, the ongoing conflict between the US and Iran has significantly impacted the global oil market. The blockade of the Strait of Hormuz, a critical chokepoint for oil transportation, has raised concerns among global oil traders and policymakers. The situation has led to increased volatility in oil prices, with markets responding to the uncertainty over future supply.

The strategic importance of the Strait of Hormuz cannot be overstated, as it serves as a conduit for a substantial portion of the world's oil exports. The prolonged conflict and its impact on oil flow through the strait have prompted discussions among international stakeholders about potential resolutions and alternative routes to mitigate the disruption.