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Ship traffic through the Strait of Hormuz has dropped nearly 50% this week, according to recent data, as escalating conflict in Iran disrupts the critical oil shipping route. Brent crude oil prices are approaching $92 per barrel, signaling potential energy price shocks. The strait handles about a fifth of global oil consumption, making the decline a significant concern for energy markets. Traders are closely watching for further supply disruptions, which could drive crude prices higher and increase volatility in energy-related assets. The situation also raises risks for broader market sentiment, as higher oil prices may fuel inflation concerns and impact risk appetite across equities and crypto.
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