The Strait of Hormuz has been largely inaccessible since the US-Israel operation against Iran on February 28, with energy analysts cautioning that the US could encounter a severe economic downturn if it remains closed until June. Saudi Aramco indicates that achieving stability might not occur until 2027. The US EIA reports that oil inventories are depleting at unprecedented rates, and JPMorgan predicts gasoline prices could reach five dollars by mid-summer.
