Tracking Strait of Hormuz, gas and oil prices
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The U.S. and Israel’s war with Iran has thrust the Strait of Hormuz into the crosshairs of yet another geopolitical conflict.
Iran launched a wave of missile and drone attacks on Gulf Arab energy sites, hitting refineries in Saudi Arabia and Kuwait and a Qatari LNG plant, sparking major fires and sending Brent crude to $118.
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
"Responding to coastal launch sites as they emerge would require coordinated strike operations ashore and perhaps marines — the latter a clear escalation risk."
Physical crude prices are trading far above paper futures, indicating real shortages as buyers scramble for cargoes and refiners consider cutting operations.