As tensions continue to flare between the U.S. and Iran, global energy markets remain on edge, bringing the Middle East’s famed Strait of Hormuz back in focus.
Crude oil prices have been rallying over the past week, with WTI March futures up 1.47% over the past week, and 0.42% on Sunday night, trading at $59.17 per barrel. Natural gas February futures are similarly trading up 2.30% during the day, at $3.242 per MMBtu, or Metric Million British Thermal Unit.
The Strait of Hormuz Shock
Wedged between the Persian Gulf and the Gulf of Oman, the Strait of Hormuz stands as one of the world’s most critical strategic chokepoints, with roughly one-third of global seaborne oil shipments and 19% of natural gas passing through the narrow waterway.
According to a report by the U.S. Energy Information Administration, an average of 20 million barrels per day flowed through this narrow strait …Full story available on Benzinga.com
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