Hormuz Blockade Economic Fallout

The blockade has effectively trapped a fifth of the world's oil supply, forcing Asian refineries to pay record premiums for immediately available crude.

The United Nations Development Programme warns that the resulting energy shock could push over 30 million people into poverty worldwide.

In the U.S., farmers are facing skyrocketing costs for fuel and fertilizer, while the travel industry braces for a summer of flight cancellations.

Despite the economic turmoil, President Trump has maintained that the blockade is a necessary tactic to force Iran into a peace deal.

However, critics argue the strategy risks pulling China directly into the conflict.