In the hours after the U.S. and Israel began striking Iran on Saturday, a message was broadcast to ships in a critical waterway.

From now on, all navigating through the Strait of Hormuz is forbidden.

No ships in every type is not allowed to pass from the Strait of Hormos till next notice.

It's saying that the Strait of Hormuz is closed and basically warning that the vessels not go through.

Esterate of hormones from now on is banned for all ships. Roughly a fifth of the world's oil supply moves through the Strait of Hormuz on a normal day.

It's the main way Saudi Arabia, Kuwait, Iraq, the UAE and Iran get oil out to the rest of the world.

Here's our colleague Rebecca Fung.

That was like the initial warning, seemingly from Iran

not to enter the strait. And what was your initial reaction when you heard the warning?

Very, very bad. That was my reaction because closing it's like the doomsday scenario.

So my first reaction is like, oh no, here we go.

After ships were banned from moving through the strait, much of the world's oil supply

became stuck around the Persian Gulf.

Since the conflict began over the weekend, war prices have jumped.

Yeah, it's very dramatic.

Oil and gas prices spike today.

U.S. oil traded 7.6% higher at $72 and 12 cents per barrel, while International Standard Brent was up 8.6% at $79.11.1 per barrel. Growing fears of prolonged war, sending the stock market

tumbling and oil prices surging.

If things don't resolve soon in this conflict,

what could it mean for the world oil market

and the global economy?

It could be pretty disastrous.

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