Tracking Strait of Hormuz, gas and oil prices
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The gasoline shock is due to a near-closure of the Strait of Hormuz, a critical, narrow waterway off the southern coast of Iran that facilitates shipping for about 20% of oil consumed worldwide. Iran has attacked several oil tankers since the war began in late February,
The U.S. and Israel’s war with Iran has thrust the Strait of Hormuz into the crosshairs of yet another geopolitical conflict.
A fifth of the world’s oil is shipped out of the Gulf through the Strait of Hormuz, but the war with Iran means it’s effectively closed.
Bank of America and Standard Chartered on Monday raised their 2026 oil price forecasts, citing a prolonged supply shock from the shutdown ​of the Strait of Hormuz and the likelihood of a long‑tail disruption to global ‌energy markets.
Moscow rushed to load crude onto tankers to take advantage of soaring oil prices triggered by Iran’s effective closure of the Strait of Hormuz, and a US tariff waiver that permits buyers to purchase those barrels without fear of sanctions.
US President Donald Trump urged NATO allies and China to help reopen the Strait of Hormuz after Iran blocked the key oil route
If the disruptions from Tehran's attacks keep oil and gas prices high for long, they could create a debilitating wave of inflation for the global economy.
American warplanes and attack helicopters are ramping up assaults against Iranian drones and naval vessels in an effort to clear the Strait of Hormuz, a critical oil passage. Iran