According to CNN Business, the price of WTI crude oil has increased by more than 50% since late February, when disruptions effectively closed a key waterway. While Iran’s oil makes up about 4% of global supply, primarily exported to China, the current situation could significantly reduce funding for the Iranian government and military. Neil Shearing, chief economist at Capital Economics, warns this could create new areas of conflict, raising concerns about whether the US Navy might intercept ships – even those belonging to allies – that have paid fees to Iran or target Chinese vessels in the area. Ship traffic has plummeted; only 17 vessels passed through the waterway on Saturday, compared to a typical average of around 130 per day before the recent events.