The price of oil has climbed to $96 per barrel as the conflict in Iran continues into its ninth week, while the Strait of Hormuz, a critical route for 20 percent of the world's oil supply, remains largely blocked. The IEA has labeled this the most significant energy supply disruption in history. Gas prices soared to $4 per gallon in March, marking a 30 percent increase, and economists from Goldman Sachs caution that if the Strait stays closed throughout the summer travel period, prices could escalate to $5 or more in major US markets. The global oil supply shortfall is already projected to be between 600 and 700 million barrels.
