Oil Futures Rise as Attacks on Saudi Arabia, U.S.-Iran Risks Persist - WSJ
Oil Futures Rise as Attacks on Saudi Arabia, U.S.-Iran Risks Persist - WSJ
Source: WSJ
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DW NOTE
The Strait of Hormuz has been effectively shut since last week — 4 ships transited versus the normal 85 per day — and the IEA already forecasts supply down 5.7 million barrels per day this year. Oil is up 67% year-over-year but still 8.6% off its 2026 peak. Markets have priced in the closure; they haven't priced in how long Saudi Arabia can afford to keep production offline while the export route is mined.