The dramatic escalation in tensions between Israel and Iran caused a spike in the price of crude and raised fears among oil traders about disruption to shipping in the Strait of Hormuz, one of the world’s most vital waterways.

Industry experts warn Israel-Iran conflict could push oil to $120 per barrel if shipments through the Strait of Hormuz are disrupted during the tensions.

The Strait of Hormuz is one of the busiest shipping routes in the world and provides the only sea passage from the Persian Gulf to the open ocean. An average of about 20 million b