Oil Futures Rise as More Oil Routes Are Obstructed - WSJ
Oil Futures Rise as More Oil Routes Are Obstructed - WSJ
Source: WSJ
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DW NOTE
The Strait of Hormuz has been effectively closed since February. Eight ships passed through last week instead of the usual 85 per day. Oil is still only at $96 — down 15% from recent highs — because global demand is collapsing faster than supply. When a chokepoint carrying 20% of world oil stays shut for six months and prices fall, you're watching demand destruction in real time.