Global oil markets reel from Hormuz disruption despite ceasefire

A delicate ceasefire has paused escalating tensions between Iran, the United States, and Israel, but the global energy crisis sparked by recent hostilities shows no signs of immediate relief. Iran’s earlier blockade of the Strait of Hormuz—a vital chokepoint for nearly 20% of the world’s oil and gas—halved the typical flow of tankers to a trickle, causing massive disruptions to energy supply chains. Even with the waterway now partially reopened, the market remains rattled, with shipping still fa