U.S. calls on China to prevent Iran from closing Strait of Hormuz and disrupting global oil flows
1. Rubio urges China to prevent Iran from closing the Strait of Hormuz. 2. Closing the strait could disrupt 20% of global crude oil supply. 3. Oil prices might exceed $100/barrel if the strait is closed. 4. The U.S. Navy is expected to respond to any blockades quickly. 5. Analysts warn market may underestimate the duration of potential disruptions.