Oil prices surge to $99 due to political tensions in the Strait of Hormuz

Record high energy prices in a decade

WTI crude oil surged above $99 per barrel, reaching its highest level in over a decade amid escalating tensions in the Middle East and Trump’s warnings about the Strait of Hormuz.

Supply chain disruption

Traffic through the Strait of Hormuz dropped by more than 90% in March, with 6.5–9 million barrels per day of Middle Eastern production currently unable to be tapped, causing a severe supply shortage.

The impact of market volatility

Brent oil is nearing the $120 mark before diplomatic signals triggered a strong reversal down to $87, while the AWS Bahrain data center has been continuously disrupted by drone attacks, affecting cloud infrastructure.

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