The United States and Israel's war with Iran has resulted in a surge in oil prices due to Iranian attacks on oil tankers. The Strait of Hormuz, one of the world's most critical energy chokepoints, has been closed, with at least five tankers damaged and two personnel killed. The shipping industry has been dealing with an 80 percent decrease in freight costs for routes out of the Middle East and the Gulf. Despite this, most commercial operators, major oil companies, and insurers have effectively withdrawn from the corridor. The majority of the crude oil shipped through the strait goes to Asia, with China, India, Japan, and South Korea accounting for nearly 70 percent of shipments.