Strait of Hormuz Oil Crisis

The implementation of a U.S. naval blockade in the Strait of Hormuz has sent shockwaves through energy markets, with physical crude prices hitting $150 in some regions.

Shipping companies remain reluctant to traverse the waterway, fearing retaliatory strikes from Iran or interception by the U.S. Navy.

The International Energy Agency has indicated it is ready to tap global reserves if the supply shock worsens.

Experts warn that the disruption of fertilizer shipments through the strait could also lead to a global food crisis.