Take that flow out of the system and Brent doesn't move five or ten dollars, it moves structurally higher. A spike toward $120 or beyond becomes realistic very quickly, and that resets inflation expectations globally.
"We just have not kept up with water supply and water infrastructure like we should have. And it's decades in the making," said Peter Zanoni, the city manager since 2019.
Three supertankers laden with oil have passed through the Strait of Hormuz amid the fragile truce between the United States and Iran, according to shipping data. Iran's blockade of the strait has disrupted global energy supplies and sent oil prices soaring since the start of the US and Israel's war on Iran.
Under the current ceasefire, fewer than 15 ships per day are permitted to transit the Strait of Hormuz. This movement is strictly contingent upon Iran's approval and the enforcement of a specific protocol.
After 40 days of fighting, the United States and Iran agreed to a two-week ceasefire, with negotiations expected to begin in Islamabad. One key point in Iran's proposal is allowing shipping to resume through the Strait of Hormuz, which has been closed since the war began, causing global oil prices to soar.
