Strait of Hormuz why is it so significant?

The Guardian :

President Donald Trump’s unprecedented decision to bomb three Iranian nuclear sites has deepened fears of a widening conflict in the Middle East.
Joining Israel in the biggest western military action against the Islamic Republic since its 1979 revolution, the world is now bracing for Iran’s response. One way Iran could retaliate, analysts say, is to close off the Strait of Hormuz, a vital trade route, through which over a fifth of the world’s oil supply, 20m barrels, and much of its liquefied gas, passes each day.
Iran has in the past threatened to close the strait, which would restrict trade and impact global oil prices, but has never followed through on the threat.
What is the Strait of Hormuz?
Among the world’s most important oil chokepoints, the strait of Hormuz is geo-strategically important to the United States and beyond, as the strength of the global economy is heavily dependent on the flow of oil.
The strait lies between Oman and Iran and links the Gulf to the north with the Gulf of Oman to the south and the Arabian Sea beyond.
It is 33km wide at its narrowest point, with the shipping lane just 3km wide.
About one-fifth of the world’s total oil consumption passes through the strait. Between the start of 2022 and last month, approximately 17.8 million to 20.8m barrels of crude, condensate, and fuels flowed through the strait daily, according to data from analytics firm Vortexa.