Strait of Hormuz Closure: Global Oil Crisis Looms

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Strait of Hormuz Closure: Global Oil Crisis Looms

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The Strait of Hormuz oil chokepoint has been closed for nine weeks, causing a significant disruption in global supply. This has led to a demand destruction, with airlines cutting flights and drivers reducing fuel consumption. Traders warn of potential losses of five million barrels a day, which could lead to a recession. The longer the strait remains closed, the higher the risk of a price spike to $154 or even $250 per barrel.

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