- Oil prices jumped after tit‑for‑tat U.S.–Iran strikes on tankers and vessels near the Strait of Hormuz, raising fears of prolonged supply disruption.
- Commercial traffic through the Strait has fallen to its lowest levels since May as tankers get caught up in the conflict.
- Analysts warn exports could remain constrained through late 2026, with full recovery not expected until early 2027.
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