Daily air strikes on Iran, which America and Israel began Feb. 28, have a financial impact around the world. A stated goal of the incoming missiles and bombs is to block Iran from having nuclear weapons, among other reasons. In response, the large Mideastern country at a strategic location launched missile and drone attacks on U.S. military bases in the region, Israeli territory and other Persian Gulf states. Iran also warns vessels not to use Strait of Hormuz (pronounced haw-MOOZ), halting traffic in that critical waterway along the country's southern coast. It's the only passage from the Persian Gulf to the Gulf of Oman and the Indian Ocean.

Iran's new leader, Ayatollah Mojtaba Khamenei (whose father was killed on the war's first day), vows to keep the strait mined with explosives and has set vessels ablaze with missile attacks. "The will of the people is to continue effective and deterrent defense," he said in a statement last week. "The lever of closing the Strait of Hormuz must continue to be used." Before the war, around 80 oil and gas tankers typically passed through the strait with supplies from Saudi Arabia, the United Arab Emirates, Iraq, Oman, Kuwait and Iran itself. Now, barely one or two non-Iranian ships make the risky crossing each day.

The tight channel -- 20 miles wide at its narrowest point -- also is used by supertankers carrying liquid natural gas and petroleum-based products like plastics and fertilizer. The International Energy Agency, a 32-country coalition that includes the United States, calls it "the largest supply disruption in the history of the global oil market." Oil and gas prices have surged amid fears of prolonged shortages. Some countries are tapping petroleum reserves stored for urgent needs.

That shipping blockade and attacks by Iran on nearby refineries complicates President Donald Trump's calculations about how and when to end America's role in the war that's in its third week. The U.S. Navy may escort tankers and conduct anti-mine operations. The Pentagon has "a range of options," says Gen. Dan Caine, chairman of the Joint Chiefs of Staff. Meanwhile, Iran is increasing its oil exports through the strait and has gained a strategic success -- putting economic pressure on the United States and its allies even though heavy air attacks continue.

Iran says: "Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you [America] have destabilized." -- Ebrahim Zolfaqari, military commander

Oil executive says: "While we have faced disruptions in the past, this one by far is the biggest crisis the region's oil and gas industry has faced." – Amin Nasser, chief executive of Aramco in Saudi Arabia

Economist says: "If this blockade persists, it will be a much worse shock to world oil supplies than the 1973 embargo, the 1979 Iranian revolution, or the 2022 Russian invasion of Ukraine." – Paul Krugman, former New York Times columnist