"The exchanges of threats between members of the governments of Iran and the United States, including the presidents of both countries, have again raised the specter of an interruption of shipping through the Strait of Hormuz (the Strait), a key waterway for the transit of oil and natural gas to world markets. In the first half of 2018, approximately 18 million barrels per day (bpd) of crude oil and condensate, almost 4 million bpd of petroleum products, and over 300 million cubic meters per day in liquefied natural gas (LNG) exited the Strait. Iran accounted for about 10% of oil and 0% of the natural gas through the Strait. In a speech on July 22, Iranian President Rouhani stated, 'We are the…guarantor of security of the waterway of the region throughout the history. Don't play with the lion's tail; you will regret it.' (Western reporting took the reference to the waterway to mean the Strait of Hormuz, which is the narrow waterway that forms the entrance to the Persian Gulf from the Gulf of Oman and ultimately the Arabian Sea."
CRS Report for Congress, R45281