The Strait of Hormuz is one of the world's busiest shipping lanes, so any disruption would hit the energy markets hard.

Tanker operators in the Strait of Hormuz are facing higher shipping and insurance costs, despite a drop in oil prices, as investors wait to see what happens to the world’s most important crude chokepoint after the U.

Goldman Sachs analysts say options markets now assign just a 4% probability of oil flow disruption through the Strait of Hormuz following the Iran-Israel ceasefire. This comes after Brent crude spiked to $81.