President Donald Trump has issued a stern warning to Iran that it has 48 hours to reopen the Strait of Hormuz, a key trade route that carries about 20% of the world's oil supply. This has led to an increase in oil prices. Since the war erupted, Iran has targeted oil tankers and merchant vessels navigating the strait. The US, Israel, and other allies have been barred from the waterway, but ships from other countries have continued to pass.