Brent Crude Surges 59% in March as Strait of Hormuz Closure Chokes Global Energy

“Iran has effectively closed the strategic Strait of Hormuz since the start of the war in the Middle East due to Israeli and American airstrikes on February 28, which led to a sharp rise in fuel prices and affected the global economy, as about one-fifth of the world's oil production typically passes through the strait, in addition to LNG.”

“The US-Israeli war on Iran has led to an almost complete halt to shipments through the strait, with Tehran saying that 'unfriendly' carriers can pass the strait if coordinated with Iranian authorities.”