Why is the Strait of Hormuz critical to global energy flows? | Explained

The story so far:

Since late February, the Strait of Hormuz has emerged as the centre of a deepening energy and security crisis. The escalation followed U.S. and Israeli strikes on Iran, after which Tehran tightened restrictions on the narrow waterway. The situation intensified further this week when President Donald Trump ordered a U.S. naval blockade of vessels sailing to or from Iranian ports. The disruption has had an immediate impact on global energy flows. The International Energy Agency has described the situation as more severe than the oil shocks of the 1970s. As of April, a ceasefire has allowed a limited number of ships to pass through. However, continued threats and the U.S. blockade have kept most tankers away, reducing daily transits from around 130 vessels to just a few on several days.