- IEA warns of global economic impact within weeks if Strait of Hormuz remains closed due to recent escalation.
- Tanker traffic through the Strait of Hormuz has sharply dropped to five-week lows after attacks on vessels.
- Oil prices rose about 13% as Middle Eastern producers halt oil evacuation amid market disruptions.
- Markets are pricing in further oil flow disruptions, anticipating spikes in fuel prices and inflation.
- Tight fuel markets, not crude, are currently the main stress point, while navigation risks deter ship operators.