Iran controls the Northern side of the Strait of Hormuz, a passage which sees significant global trade pass through daily. If it so wished, Iran could block vessels from journeying through, or disrupt trade by seizing and attacking shipping containers and oil or gas tankers in the area.

While there have been no major disruptions to the global oil supply so far, the attacks on Iran — by Israel and then the US — have rattled investors, sending oil futures soaring by around 10% since the start of hostilities,