Prices to charter large oil tankers sailing through the critical Strait of Hormuz have more than doubled since Israel launched an attack on Iran last week, amid shipowners’ reluctance to risk using the waterway.

Iran has in the past threatened to close the critical Strait of Hormuz to traffic in retaliation for Western pressure. Any closure of the strait could restrict trade and affect global oil prices. In the latest measure,

Israeli aerial bombardment has wiped out much of Iran’s ballistic missile capability and decapitated its military command, but Supreme Leader Ali Khamenei has refused to stop fighting, even promising “irreparable damage” to the US if it intervenes in the conflict in support of its staunch ally.