Fear of Iranian mines in the Strait of Hormuz could further slow the flow of oil

The Strait of Hormuz is a very important path for oil. About 20% of the world's oil goes through it. Because of problems with Iran, there are worries that the flow of oil could slow down. Iran has been attacking ships with drones and missiles. This has already made the oil flow smaller. Now, there's a fear that Iran might put sea mines in the water, like they did before. Ship companies are worried about their ships being attacked. Insurance companies are also hesitant to provide insurance for ships in the Strait. This situation has caused oil prices to go up a lot. The new leader of Iran said that the Strait should stay closed because of the attacks. This could make oil prices go up even more. The United States is thinking about using warships to protect oil tankers going through the Strait. They also want countries to use their oil reserves to try to lower the prices. The ongoing strikes and the potential use of mines create a tense situation. Underwriters are particularly concerned about the increased risk. The situation could cause a global disruption.