Hormuz disruption removes 17 million barrels a day from global oil market
The global oil market is experiencing its biggest supply disruption as the Strait of Hormuz is closed, removing 17 million barrels per day. Gulf exporters are trying to find alternative routes, but production risks are increasing. S&P Global Energy predicts a price range of $70-$100 per barrel for Dated Brent crude, assuming the strait reopens within weeks.