Hormuz Conflict Drives Brent Crude to Near $92 Amid Supply Disruptions

Brent crude oil prices have surged to near $92 per barrel due to disruptions in global supply caused by conflict in the Strait of Hormuz.

The ongoing tension between the US and Iran has severely restricted movement through this critical shipping lane, removing approximately 8-10 million barrels of oil from the daily supply chain.

Emergency stocks are at their lowest level since 1982, with US reserves standing at around 289.7 million barrels.

This has led to high energy prices, resulting in 'demand destruction' as companies and consumers use less oil due to its increased cost and scarcity.