Iran's threats to close key oil shipping lane disrupt global supplies

Iran has claimed it closed the Strait of Hormuz, a vital waterway for global oil shipments, and threatened to set shipping there 'ablaze'. This has raised fears of a major spike in oil prices and caused immediate disruptions to energy and travel.

In response, major oil producer Saudi Arabia is trying to divert its oil exports through the Red Sea instead, though some shipping companies are reportedly reluctant. Saudi Aramco is also exploring plans to export oil via the Red Sea to bypass the Strait. Meanwhile, airlines like Emirates, Etihad, and flydubai have cancelled or adjusted flights in the region, with some launching evacuation services.