Former White House communications director, Anthony Scaramucci, has called Iran's closure of the Strait of Hormuz an "economic warfare" that holds 20-30% of global oil hostage. He warned that U.S. and Israeli strikes could result in a partial reopening of the waterway within weeks. The timing of this statement reflects a market already under severe strain. The International Energy Agency has reported that oil and product flows through Hormoz have decreased significantly since the war.