The Emirati national guard says it has evacuated 24 people from an oil tanker after a collision between two ships just east of the world’s most critical oil chokepoint, the Strait of Hormuz.

The Strait of Hormuz is considered the world's most important gateway for oil transport. Hostilities between Iran and Israel have raised fears that shipping and crude flows through the narrow waterway may now slow down.

The Strait of Hormuz is both a vital passage point and a permanent point of tension. As long as the world depends on Oil from the Persian Gulf, its security will remain a major geostrategic concern. If Iran were to cross the red line, the consequences would not be limited to barrels of Oil, but the global economic balance could be shaken.