Oil Markets at a Breaking Point: What This Means for Global Economy and Geopolitics The Strait of Hormuz remains closed, and oil markets are on the brink of collapse.
The consequences will be far reaching, threatening to destabilize global economies and exacerbate existing tensions between nations. The closure has already led to a sharp increase in oil prices, with U. S.
futures rising 1. 75% to $107. 26 a barrel and Brent crude climbing 1. 32% to $110. 70. Investors are seeking safe haven assets, causing gold to fall 0. 37% to $4,545 per ounce.