Strait of Hormuz: The Artery Controlling the Pulse of Oil Markets

Reuters published an analysis based on IMF figures, illustrating how the Strait of Hormuz has become the compass determining the direction of global oil prices. The data clarifies that merely hinting at intercepting tanker traffic has caused oil prices to jump to levels that exhaust importing nations. This fragility in energy security has pushed many countries to expedite energy transition plans, offering unprecedented tax incentives to boost the spread of electric vehicles in their domestic markets.