The Strait of Hormuz closure has cut off 15 million barrels of oil daily, a catastrophic global shock. Past warnings were dismissed, but key assumptions that Iran wouldn't retaliate or close the Strait have failed. Tanker companies are refusing to sail, crippling flows. Prices will spike, causing a recession long before storage runs dry. The US underestimated Iran's leverage.
https://nationalinterest.org/blog/energy-world/this-is-the-worst-case-scenario-for-oil-prices
The National Interest
This Is the Worst-Case Scenario for Oil PricesOil markets are losing an estimated 15 million barrels per day from the closure of the Strait of Hormuz—a loss that spells disaster for the global economy.
