How crucial is the Strait of Hormuz to global oil supplies?

The Inquiry podcast episode explores the crucial role of the Strait of Hormuz in global oil supplies, examining the potential consequences of its closure amid geopolitical tensions between Iran and other countries. The discussion covers the strait's importance as a major oil trade route, the historical context of conflicts like the Tanker War, and the potential for military actions, including attacks on commercial shipping. Experts discuss risk assessments, security measures for ships, and the limited capacity of strategic oil reserves to compensate for any prolonged disruption. The episode further highlights the economic implications for major oil importers like China and Europe, as well as the potential for food supply disruptions in the Persian Gulf region, concluding that while the shipping community may be less fearful than policymakers, the possibility of a major conflict remains a serious concern.