Oil in Oman soars above $150 as buyers rush to replace Gulf barrels

SOURCE: ft.com  |  PUBLISHED: 17 March 2026 at 18:33

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Original Excerpt (from ft.com)

Closure of Strait of Hormuz has caused growing ‘dislocation’ between global benchmarks and cost of physical supplies

AI Impact Analysis

The closure of the Strait of Hormuz has severely disrupted the flow of Gulf oil to global markets, driving prices for physical crude supplies sharply higher and creating a significant gap between traded benchmarks and actual delivery costs. For European consumers and industries, this is likely to translate into rising fuel and energy prices, increasing pressure on households and businesses already managing elevated cost-of-living expenses. The disruption also poses broader risks to global supply chains and economic stability, as the Strait of Hormuz handles roughly 20% of the world’s oil trade.

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