Iran has announced plans to implement new restrictions on maritime traffic in the Strait of Hormuz, a vital artery for global oil transportation, through which approximately 20% of the world's oil supply passes. This move comes amid ongoing tensions in the region and could potentially disrupt shipping routes, raising concerns among oil traders about supply stability. The Strait has historically been a flashpoint for geopolitical conflicts, and any restrictions could lead to increased shipping costs and insurance premiums for vessels operating in these waters. Market participants are closely monitoring the situation, as even minor disruptions in this critical chokepoint can have significant implications for global oil prices, which have shown volatility in recent months due to various geopolitical factors and fluctuating demand forecasts.