Strait of Hormuz closure sparks global oil crisis, with long-term price surge expected The Strait of Hormuz, handling 20% of global oil supply, has been effectively shut down by Iran amid tensions with Israel and the U.S. Crude prices surged nearly 50%, with gasoline exceeding $4/gallon, threatening prolonged economic disruption. Iran’s advanced missile capabilities and control over strategic islands (Hormuz, Abu Musa) escalate risks. Similar disruptions occurred during the 1980s “Tanker War,” but today’s crisis is more severe due to insurance cancellations and stranded tankers. While the U.S. relies less on Middle Eastern oil (490,000 bpd), Europe and Asia face severe…
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This article was originally published by Garrison Vance at Natural News. Oil Prices Close at Highest Level Since 2022 as…
Oil Prices Close at Highest Level Since 2022 as Iran Negotiations Fail to Ease Supply Fears Oil markets closed Friday,…
Summary Iran rejects ‘excessive, illogical’ US demands while Trump mentions ‘progress’ with a ‘more reasonable regime’. Trump again threatens to destroy Iran’s…
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