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Global Oil Crisis Triggers Historic Market Volatility as Strait of Hormuz Closes

Global Oil Crisis Triggers Historic Market Volatility as Strait of Hormuz Closes

Author:

Global Cryptocurrency

Published:

2026-03-10 22:16:02

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BTCCSquare news:

The Strait of Hormuz, a critical chokepoint for global oil transit, has effectively shut down following Iranian threats to attack vessels after US-Israeli military strikes. With 20% of the world's oil supply now bottlenecked, Brent crude surged past $100 per barrel for the first time since the Ukraine war, peaking at $119.50 in frenzied trading.

"We're witnessing an unprecedented energy crisis with no historical parallel," said Neil Atkinson, former IEA oil chief. The supply shock has left 150 ships stranded offshore as tanker traffic plummeted 70-90%. Market analysts warn this disruption could eclipse all previous oil crises in both scale and duration.

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