Oil Shock: Will Crude Break $100?
WTI surged 7% above $72, while Brent is nearing $80 after Iran announced a blockade of the Strait of Hormuz — a chokepoint that handles ~20 million barrels per day, or roughly 20% of global oil consumption, according to the U.S. EIA.
Iran produces around 3 million barrels per day. If insurance coverage is pulled and tanker risk premiums spike, short-term supply shocks could intensify quickly.
Would supply squeeze push crude above $100?
How do you view oil surge?