Understanding the strategic impact of the Strait of Hormuz

Media reports say an Iranian parliamentary commission has approved plans to collect tolls on vessels passing through the Strait of Hormuz. Meanwhile, U.S. President Donald Trump has threatened that the United States will “completely” obliterate Iran's oil wells and Kharg Island if the strait is not “immediately” reopened and a peace deal is not reached “soon.” Analysts are sharing insights into the possibility of long-term structural oil repricing, as well as contingency measures to prevent a broader energy crisis.