The war has all but halted shipments of about one-fifth of the world's oil and liquefied natural gas through the Strait of Hormuz, causing what the International Energy Agency has called the biggest-ever oil supply disruption. Iran told International Maritime Organization member states that "non-hostile vessels" may transit the Strait of Hormuz if they coordinate with Iranian authorities, the Financial Times reported on Tuesday after oil futures settled. "The Strait of Hormuz remains effectively closed and supply disruptions linger, tightening the market." "The likelihood of temporary shipping disruptions extending into long-term supply dislocations increases with each day that hostilities persist. If the strait remains effectively shut until the end of April, Brent could reach US$150 a barrel, Macquarie said.

Source: The Star March 25, 2026 03:04 UTC