Iran threatened to close Hormuz. That was enough.
When a strait closes on paper, prices move as if it has closed for real.
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global oil market
3 posts
Brent at $100, Urals at $91: the Iran war handed Moscow its best oil week in years
Washington is fighting Iran and bankrolling Moscow at the same time.
Iran regime collapse would crash oil prices, weaken Russia’s war funding — analyst explains double blow to Moscow
Meanwhile, Russia's alliance network and war economy both shrinking.