Here's how important the Strait of Hormuz really is:

1. 20% of the world's oil moves through a strait just 21 miles wide

2. A single blockade of Hormuz could spike oil to $150+ overnight

3. Hormuz sees more oil traffic daily than the Panama and Suez Canals combined

4. 35% of all seaborne LNG passes through Hormuz

5. US Navy has deployed forces to Hormuz nearly every decade since the 1980s

6. It's the most militarized oil route on Earth

7. Hormuz is the only sea passage from the Persian Gulf to the open ocean

8. Iran has threatened military closure of the Strait of Hormuz over 10 times since 2000

9. Blockage of this route would result in near-certain military action by the US, Israel, and others

All eyes are on Iran's response.