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The Strait of Hormuz Has Been Closed for 100 Days. Why Aren’t Oil Prices Higher?
The prolonged closure of the Strait of Hormuz has raised questions about the impact on global oil prices.
AI Summary
The prolonged closure of the Strait of Hormuz has raised questions about the impact on global oil prices. Despite the 100-day blockage, oil prices have not increased significantly. The Strait of Hormuz is a critical waterway for oil shipments, and its closure would typically be expected to drive up prices due to reduced supply. However, the current situation suggests that alternative routes and supply chains may be compensating for the disruption. The claim by former President Donald Trump that a secret mission moved 100 million barrels of oil through the blocked Strait of Hormuz cannot be verified, and its accuracy is uncertain.
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