Insight, Inc., a supply chain solutions provider, has recently stated that considerable supply chain tribulations could occur if conflict occurs in the Strait of Hormuz, since roughly 20 to 30 percent of the world's oil supply passes through it every day.

"The last thing the world's fragile economy needs is a new confrontation in the Middle East," said Dr. Jeff Karrenbauer, president, Insight. "Open conflict in the Strait of Hormuz would be a nightmare for supply chains throughout the world."

For more information about the Strait, please click here.