Global oil prices and stock markets have surged as prospects of a swift reopening of the Strait of Hormuz continue to fade, sending shockwaves through international energy markets and raising fresh concerns about supply disruptions worldwide. Iran's conditions reportedly include an end to military threats, the lifting of economic sanctions, and financial compensation before any reopening can be considered. A Chokepoint of Global SignificanceThe Strait of Hormuz is one of the world's most strategically vital maritime passages, through which a significant portion of the globe's oil supply is transported daily. Any prolonged closure carries profound implications for energy-dependent economies, including Sri Lanka, which relies heavily on fuel imports to sustain its power generation and transportation sectors. Analysts warn that if the Strait of Hormuz remains closed for an extended period, the ripple effects on Asian economies, including Sri Lanka, could be severe and difficult to contain.