economic high confidence
Strait of Hormuz Crisis: 20M bbl/day Backed Up
The IRGC warned no oil will pass through the Strait of Hormuz and threatened $200/barrel oil. 20 million barrels per day are backed up at the strait, with only 5 million finding alternative pipeline routes. This represents the largest energy supply disruption since the 1970s oil crisis. The US Navy announced tanker escort operations when militarily possible.
Sources
- T2 Al Jazeera Major middle_eastern
- T2 CNN Business Major western
- T2 Reuters Major western