The war between Israel and Iran has raised concerns that Iran could try to close the Strait of Hormuz, the world’s most important oil chokepoint.

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.

Washington's strikes on Iran stoked fears that Iran could retaliate by closing the Strait of Hormuz, a waterway between Iran and Oman through which around 20 per cent of the oil and gas consumed globally flows.