Oil markets defy expectations as Iran disrupts Hormuz
TL;DR Summary
Even with Iran’s shutdown of the Strait of Hormuz threatening a 14 million barrels-per-day disruption, crude prices sit around $110 as a buffer of oil—from tankers to strategic reserves—plus rising non‑Gulf output and weakening demand cushion the spike. Refinery limits and falling inventories suggest a coming supply crunch not yet fully priced in, while speculation that the conflict will be brief keeps prices from surging further.
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