Why the Strait of Hormuz Is the World's Economic Lifeline The 33-km-wide Strait of Hormuz handles 20 million oil barrels daily—20% of global consumption and 30% of LNG shipments. This narrow chokepoint between Iran and Oman is the only route for Persian Gulf oil giants like Saudi Arabia, UAE, and Qatar to reach global markets. Key facts: Asia's Dependency: 84% of Hormuz oil flows to China,...