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Opinion News

The Economic Times

Opinion / The Economic Times

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Crude oil crisis in Hormuz: Much more than just price and quantity

The conflict in Iran has closed the Strait of Hormuz, severely impacting global oil shipments and market dynamics. While oil availability has seemingly increased, a logistics premium affects shipping costs and insurance. This situation has led to heightened risks, causing delays in transit times and increased tanker requirements. Diesel shortages are also rising, with prices escalating significantly as supply chains are disrupted.

13 Oct 2026 12:17 pm