The Strait of Hormuz: 1. Has never been fully closed in modern history 2. Sees 20 million barrels of oil flows per day, or 20% of global consumption 3. Is only 21 miles wide at its narrowest point, allowing for easy control 4. Closure would likely result in oil prices surging above $100/barrel 5. Accounts for almost all of Qatar's LNG exports All eyes are on this crucial passage.