The Hormuz Supply Shock

With the Strait of Hormuz effectively closed, 20% of global oil flows remain disrupted. The U.S. has become a rare net crude exporter for the week as global buyers bid up WTI barrels to replace Middle Eastern medium-sour grades.

SPR and Blockade Risks

Markets remain on edge as the U.S. naval blockade of Iranian ports continues. While Strategic Petroleum Reserve (SPR) releases are intended to buffer the market, the physical shortage of prompt barrels is driving volatility.