Iran Closes Strait of Hormuz—Brent Hits $96.18, Greatest Supply Shock Risk in History

Iran announced closure of the Strait of Hormuz on April 18, with reports of shots fired at tankers. The strait carries roughly 35% of global seaborne oil—approximately 10 million barrels daily at risk. Brent is now $96.18, $28 above year-ago levels, while U.S. gasoline is forecast to peak at $4.30 per gallon.