New Delhi, May 8 -- The Strait of Hormuz, a narrow waterway linking the Persian Gulf to the world's oceans, has emerged as a major concern for the global economy.

Under normal circumstances, vessels transporting nearly one-fifth of the world's oil pass through the strategic route each day. However, the ongoing US war with Iran has effectively disrupted traffic through the passage, trapping more than 90% of the region's crude oil and refined petroleum exports, according to the International Energy Agency.

Iran has introduced a new regulatory system aimed at tightening control over maritime movement through the strategically important Strait of Hormuz, making prior authorisation mandatory for vessels passing through the waterway.

Accordi...