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Oil prices are surging following a functional closure of the Strait of Hormuz triggered by U.S. and Israeli military strikes on Iran over the weekend. While not a formal blockade, the halt in traffic—driven by insurance withdrawals and safety risks—threatens 15% of global oil and 20% of LNG supply. Analysts from Wood Mackenzie, J.P. Morgan, and Rystad Energy warn that Brent crude could jump by $20 per barrel immediately, potentially exceeding $100 (or even $200) per barrel if disruptions persist. Major shipping firms like Maersk and MSC have suspended transits and rerouted vessels as the industry reassesses geopolitical risks.
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