Iran conflict closes Strait of Hormuz, cutting oil supply by 12.8M bpd

The Strait of Hormuz has been closed due to the ongoing conflict between Iran and the United States, resulting in a supply loss of approximately 12.8 million barrels of oil per day. This disruption is causing significant instability in the global energy market and increasing the likelihood of higher WTI crude oil prices. Monitoring U.S.-Iran negotiations and military developments is crucial.