Iran has a stranglehold on the Strait of Hormuz, and as pressure mounts, it's threatened to target another vital Middle East shipping lane, the Bab el-Mandeb Strait.

Fears are growing that Iran could target a second vital global shipping route in a move that could see a spike in oil prices with an Iranian military official threatening escalation in the Red Sea and Bab el-Mandeb Strait.

The conflict in West Asia shows no signs of slowing down, with Israeli Prime Minister Benjamin Netanyahu ordering troops to expand control in southern Lebanon even as US forces pour into the region. Fresh strikes in Iran,

Calamos Investments CEO John Koudounis discusses the economic implications of Iran's demand for control over the Strait of Hormuz on 'Fox News Live.'

As the U.S.-Iran war nears the one-month mark, the fragile global oil market has emerged as a key weapon in Iran's arsenal — and some shipping and insurance experts don't expect the situation to return to normal until the conflict winds down.

The Strait of Hormuz has been effectively closed for almost four weeks – throwing global oil markets into chaos – and there is no clear end in sight. This is why Iran can exert a virtual chokehold on oil shipping.

Tehran has effectively closed off the critical waterway, turning back container ships on Friday, and Iranian lawmakers are considering whether to charge fees to pass.

Traffic through the strait has fallen by 90% since the start of the Iran war, sending global oil prices skyrocketing.

March 27 (Reuters) - The United Arab Emirates has told the U.S. and other Western allies it would participate in a multinational maritime taskforce to reopen the Strait of Hormuz, the Financial Times reported on Friday,