Global markets have remained relatively calm amid the escalating tensions between Israel and Iran. But that sentiment could quickly shift, according to experts, if the conflict affects the Strait of Hormuz.

Kharg Island is a small island in the Persian Gulf. It lies 16 miles off the northwest coast of Iran. It's 451 miles from Tehran, Iran's capital — roughly the distance from Detroit to New York City. It is just five miles long,

The Iranian Foreign Ministry’s spokesperson welcomed a communiqué issued by the foreign ministers of the Persian Gulf Cooperation Council which has condemned the Israeli violation of Iran’s sovereignty and territorial integrity.

The intensifying conflict between Israel and Iran has led to tanker owners halting offers for Middle East oil routes, causing freight rates to jump and raising concerns about disruptions to global oil flows.

Three ships are on fire off the coast of Iran in The Gulf of Oman, the Iranian Press TV channel reported.

Freight rates for VLCCs in the Persian Gulf hit multiweek highs as the conflict between Israel and Iran roils the global shipping market.

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Unverified reports are circulating about three ships ablaze in the Gulf of Oman, near the Strait of Hormuz, heightening regional tensions. These claims, accompanied by photos, raise concerns about the stability of this vital waterway.