Shipping through the Strait of Hormuz is almost completely stopped

Movement of ships through the Strait of Hormuz has nearly come to a complete halt, according to a maritime information center. This key waterway is a critical route for global oil shipments.

Iran's parliament is reportedly studying a project to impose fees and taxes on ships seeking safe passage through the strait. Meanwhile, Egypt's Sisi warned Egyptians about the economic repercussions of a closure, and the Egyptian Suez-Mediterranean (SUMED) pipeline is being used as an alternative route for oil.

International efforts are underway in what's described as a race against time to reopen the strait and rescue the global economy, with some expectations the crisis could last around five weeks.