""Traffic through Hormuz dropped by about 95 percent [during this conflict]. As a result, prices surged, and not just for crude oil, but also for refined products like jet fuel, diesel, and gas oil.""
""Even with a ceasefire, reopening won't be immediate. There's a backlog, with ships waiting to leave, and likely a controlled process for who gets out first. Iran still appears to be managing that.""
""Refined products like diesel and jet fuel have dropped even more, because markets are forward-looking-they price in expectations. But we're still well above prewar levels, which were around $60 to $70.""
A ceasefire in the Strait of Hormuz has raised hopes for reopening, but global shipping disruptions will continue due to a backlog of vessels. Traffic through the strait dropped by 95 percent, causing significant price surges in crude oil and refined products. Countries in Asia, heavily reliant on Middle Eastern energy, have been most affected. While Brent crude prices fell, refined product prices remain above prewar levels. Over 800 cargo ships and tankers are currently stuck in the Persian Gulf, with many more waiting to pass.
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