The Strait Of Hormuz And The Price Of Fragility
2026-03-22 23:07:00 ET
As we write this, Brent crude sits above $107 per barrel . Earlier this month it spiked to nearly $120 , its highest level since mid-2022. The Strait of Hormuz—a 21-mile-wide waterway through which roughly 20% of the world’s oil and natural gas normally flows —has been effectively closed since late February, following the U.S.-Israeli strikes on Iran. Iraq has cut oil output by 60% . Kuwait and the UAE are shutting in production as storage fills. Qatar has throttled LNG exports. The International Energy Agency has coordinated the release of 400 million barrels from emergency reserves —about four days of global consumption....
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The Strait Of Hormuz And The Price Of Fragility
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