Iran’s Strait of Hormuz Blockade Sparks the Biggest Oil Crisis in History

The International Energy Agency has declared the Strait of Hormuz closure the largest oil supply disruption in the history of the global energy market, with approximately 20 million barrels per day now blocked from reaching world markets. Brent crude is above $109 per barrel, US diesel has topped $5.45 per gallon, and jet fuel costs have more than doubled. Beyond fuel, Gulf fertiliser shortages are now threatening US corn and grain yields into 2027.