Crude Oil Prices Still Do Not Fully Reflect a Prolonged Hormuz Closure
Crude oil prices have surged due to the ongoing conflict in the Middle East, with Brent crude rising to $108.50 per barrel. The closure of the Strait of Hormuz has resulted in a significant supply disruption, with nearly 20 million barrels per day removed from global availability.
Oil prices have increased due to the conflict in the Middle East. Brent crude is trading at $108.50 per barrel, up 6.19%. The closure of the Strait of Hormuz has caused a significant supply disruption. Iran has legislated permanent control over the waterway and is building a revenue model around it. This has resulted in a permanent geopolitical tax on global energy flows. Iraq's oil exports have collapsed to 250,000 barrels per day, a 93% reduction in less than four weeks.
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