All eyes are on the Strait of Hormuz.

The longer it remains closed, the greater the damage to the global economy.

Iran continues to block tankers from shipping close to 20 percent of the world’s oil supply.

That is roughly twice the disruption the world suffered during the energy shock of the 1970s.

Big oil shocks have historically led to considerable economic turmoil, high inflation, stagnation and recession.

Oil and gas prices are already surging, and economies are expected to slow.

From American consumers to Chinese factories and European households, people across the world are already feeling the effect.