Oil price shock accelerates as Hormuz tensions flare

Oil markets brace for a sharper price shock as tensions in the Strait of Hormuz escalate, with Brent around $114/bbl and U.S. gasoline near $5/gal, while forecasters lift price projections and refined-product shortages loom across regions; industry players tilt toward renewables and domestic energy, and investors sunk a record April into green ETFs, underscoring a shift even as the market waits for the full impact.