The Strait of Hormuz, a vital waterway for around 20% of the world's oil, has been effectively shut to commercial traffic nearly two months into the year. This decision has exacerbated global energy prices and highlighted the vulnerability of key waterways and "chokepoints" blocked. The International Energy Agency (IAEA) Executive Director Fatih Birol has urged countries to diversify energy supply routes years before the current crisis. Despite this, there is still little clarity on when or how the U.S.-Iran conflict can be resolved. Both sides are using the Strait as a bargaining chip in stop-start peace talks. The IEA's Executive Director, Birol, stated that the cost-benefit analysis of alternative infrastructure was shifting after the Iran war changed.