Summary

Asian countries have been buying all the oil they can get their hands on since the Strait of Hormuz shut down for business. Thanks to ample supply of seaborne crude oil, mostly consisting of sanctioned Russian and Iranian crude, the shock from the fallout of the war has been somewhat mitigated—but not for long. As that supply runs out, the shock is looming ever larger. Iran closed Hormuz for traffic right after the United States and Israel bombed it on February 28.

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