Traffic through the Strait of Hormuz was slightly higher last week, returning to levels in line with the average recorded since the start of the Middle East conflict after hitting a wartime low. Despite the increase,

Tensions are escalating again near the Strait of Hormuz after a ship anchored off the United Arab Emirates was seized and taken toward Iran and another was attacked and sank near the coast of Oman.

The Strait of Hormuz crisis is reshaping global oil flows in ways that would have seemed unusual just months ago. One of the clearest examples is that the US is now shipping crude to Australia, a market that typically relies far more heavily on Asia and the Middle East for supply.

Emboldened by its blockade of the Strait of Hormuz, Iran is turning to one of the hidden arteries in the global economy: subsea cables beneath that carry vast internet and financial traffic between Europe,

Independent geopolitical analyst Jacob Shapiro says that all markets, not just those in developing countries, are having to deal with the "wrestling match" between growth and material constraints as a result of the Strait of Hormuz's closure.

Energy Secretary Chris Wright on Friday suggested that the Strait of Hormuz, which Iran has kept closed amid its ceasefire with the U.S., will reopen “sometime this summer at the latest.” CNBC’s Brian Sullivan spoke with Wright at a new liquefied natural gas facility in Cameron,

, May 18 -- For months, governments, companies, and financial markets viewed the disruption in the Strait of Hormuz as a short-term crisis that would eventually be resolved through diplomacy or a reduction in military tensions.