The Strait of Hormuz is the narrow waterway between Iran and Oman that connects the Persian Gulf to the open sea. About a fifth of the world’s oil normally moves through it, making it the single most important chokepoint for global energy.

In recent weeks the strait has been at the centre of the US-Iran conflict. The tanker Kazimah III was hit by a projectile on October 1, and Britain’s maritime agency has recorded at least one attack a day in the strait or the Gulf of Aden since October 2.

Iran proposed a seven-day plan to reopen the strait, which the US rejected. Gulf producers have pushed crude exports back near pre-war levels through pipelines, Red Sea shipments and ship-to-ship transfers. Kpler data cited by Reuters showed exports averaged 18.3 million barrels a day in late September.

Why it matters for India: the country imports most of its oil, and Brent crossing $100 a barrel pressures inflation, the rupee and company margins. The G7 has agreed to release 100 million barrels from emergency stockpiles to cushion the shock.