There are eight major chokepoints, or geographic points of potential disruption in the movement of goods, around the world:1
Potential closures or blockages of any of the trade routes above could cause short-term price spikes, since more than half of the world’s oil travels through these maritime channels.2 The EIA argues that “chokepoints are a critical part of global energy security because of the high volume of petroleum and other liquids transported through their narrow straits.”3 Many believe that the closure of any of the chokepoints would necessarily result in a costly and lengthy rerouting process that would restrict the flow of oil enough to spur significant price increases.
Others have said that “potential supply disruptions are less worrisome than scholars, politicians and pundits presume.”4 The oil market is more flexible than many people assume, and it is able to adjust and quickly return to normal prices. While potential closures of the straits could result in rerouted goods, it is unlikely that the short-term closure of any of the straits would cause serious harm to U.S. national security.
[1] Bender, Jeremy. “These 8 Narrow Chokepoints are Critical to World Trade,” Business Insider. April 1, 2015. http://www.businessinsider.com/worlds-eight-oil-chokepoints-2015-4
[2] Bender, Jeremy. “These 8 Narrow Chokepoints are Critical to World Trade,” Business Insider. April 1, 2015. http://www.businessinsider.com/worlds-eight-oil-chokepoints-2015-4
[3] “World Oil Transit Points,” Energy Information Agency. November 10, 2014
[4] Gholz, Eugene and Press, Daryl G.(2010) ‘Protecting “The Prize”: Oil and the U.S. National Interest’, Security Studies, 19: 3, 453 — 485