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Now, with the U.S. and Israel joining forces to eradicate the murderous regime in Tehran, the world's top state sponsor of terror, energy-importing nations are again in trouble. The price of Brent crude has soared above 25 percent over the last month as traders assessed the interruption in oil coming from the Middle East. It could get worse. Approximately 20 percent of the world's oil supply and about one-fifth of all liquefied natural gas, passes through the Strait of Hormuz, which Iran has tried to close. Recently, word that insurers were refusing to cover ships moving through the Strait brought energy exports from the Gulf to a halt. Iraq, in response, has reportedly had to shut in more than 1 million barrels per day of production, as the country lacks storage or alternative means of export. Saudi Arabia and the United Arab Emirates have limited pipeline access to markets and so have not yet reduced output, but that may come. The countries most at risk of a shutdown of the Strait are China, India, Japan and South Korea, which together bought 69 percent of product flows last year. In contrast, the U.S. imported only_about 2 percent of U.S. petroleum consumption through the Strait in 2024. The U.S. Energy Information Administration put 2024 U.S. crude imports from the Persian Gulf "at the lowest level in nearly 40 years," thanks to increased domestic and Canadian production.