US-Iran conflict: Strait of Hormuz crisis reshapes global oil markets

The US-Iran conflict has pushed the Strait of Hormuz to a de facto closure through insurance withdrawal, putting at risk roughly 20% of global oil supply alongside critical volumes of jet fuel, LPG, and LNG serving Asian and European markets. Brent is expected to open Monday in the $85–90 range, gasoil and jet cracks are set to spike, and Russia stands to benefit as India and China pivot away from disrupted Middle East supply.