Saturday marks one month since the United States and Israel launched attacks against Iran, resulting in a war that sent shockwaves through the global oil markets.
The war, which was first started to dismantle Iran’s nuclear weapons capabilities, has quickly become about the control and future of the Strait of Hormuz, one of the most crucial waterways for oil and gas trade across the globe.
Iran has effectively shut down the strait, blocking thousands of tankers from entering or exiting the Persian Gulf, preventing tens of millions of barrels of crude and other oil products from passing through daily.
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Roughly 20 million barrels passed through the strait every day before the war, equivalent to around one-fifth of global demand.
About 20 million barrels of crude oil and other oil products pass through the Strait of Hormuz daily, making up 20% of global oil trade.Prices tick up
Oil is a fungible
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