Global markets have remained relatively calm amid the escalating tensions between Israel and Iran. But that sentiment could quickly shift, according to experts, if the conflict affects the Strait of Hormuz.

Iran’s threat to shut Homruz comes as a vessel crashed into two ships sailing nearby, 22 nautical miles east of Khor Fakkan in the UAE. The Emirati national guard said it evacuated 24 people from an oil tanker after the collision.

Kharg Island is a small island in the Persian Gulf. It lies 16 miles off the northwest coast of Iran. It's 451 miles from Tehran, Iran's capital — roughly the distance from Detroit to New York City. It is just five miles long,

Freight rates for VLCCs in the Persian Gulf hit multiweek highs as the conflict between Israel and Iran roils the global shipping market.

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The last time the United States held a national military parade was in June 1991, timed to welcome returning veterans of the 100-day Persian Gulf War.

The Iranian Foreign Ministry’s spokesperson welcomed a communiqué issued by the foreign ministers of the Persian Gulf Cooperation Council which has condemned the Israeli violation of Iran’s sovereignty and territorial integrity.

Unverified reports are circulating about three ships ablaze in the Gulf of Oman, near the Strait of Hormuz, heightening regional tensions. These claims, accompanied by photos, raise concerns about the stability of this vital waterway.