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As Israel and the United States strike Iran<\/a>, global oil markets<\/a> are on edge.<\/p>\n\n Oil prices have begun rising<\/a> even before any disruption to supply. Oil traders are factoring in the possibility the Strait of Hormuz<\/a> might close<\/a>.<\/p>\n\n Roughly 20%<\/a> of the world\u2019s traded oil passes through this narrow waterway between Iran<\/a> to the north and Oman<\/a> and the United Arab Emirates to the south. One oil tanker has been bombed<\/a> and traffic has all but halted<\/a>. In global energy markets, the mere threat<\/a> of interruption can push prices higher.<\/p>\n\n Oil isn\u2019t like most commodities. Control of the energy-dense fuel shapes geopolitics<\/a>. Three-quarters of the world\u2019s population live in countries dependent on oil imports<\/a> for cars, trucks and other uses. Controlling the flow of oil and, increasingly, gas, has long been used as leverage, from the oil shocks of the 1970s to Russia cutting European gas supplies in 2022.<\/p>\n\n Any serious disruption to tanker traffic in the Gulf<\/a> would send shockwaves<\/a> through global oil markets and threaten<\/a> economic stability. Long queues have already been reported<\/a> in Australia as motorists vie to fill up<\/a> before possible price spikes.<\/p>\n\n As international tensions increase, nations from Cuba<\/a> to Ukraine<\/a> to Ethiopia<\/a> are accelerating plans to reduce their oil dependence and boost energy security.<\/p>\n\n