U.S.-Iran fighting around the Strait of Hormuz disrupts oil, shipping and air travel

Why does the Strait of Hormuz matter so much?

It is a key transit route for oil and gas shipments from the Gulf. Multiple reports say the waterway is central to the current fighting and that disruptions there can affect global energy prices and the wider economy NYT,NYT,BBC.

What did Trump change about shipping policy in the strait?

Trump dropped a plan to charge a 20% fee on cargo moving through the Strait of Hormuz and said he would replace it with trade and investment deals with Gulf states, while still moving ahead with a blockade on Iranian ports Yahoo! Finance,NYT,BBC.

Who is affected by these disruptions?

The effects extend beyond the U.S. and Iran. Shipping companies, airlines, Gulf states, energy buyers and consumers are affected because the conflict has disrupted sea and air traffic and contributed to higher costs tied to oil and transport NYT,NYT,BBC.