wolf-street
Crude Oil WTI Spikes by 28% Overnight to $116, Gasoline Futures +17%. Asian Stocks Plunge, US Stock Futures Deep Red
By Wolf Richter
For the US, the Strait of Hormuz blockage is a Price Shock and inflation problem, not a Supply Shock. For Europe and Asia, it could turn into a Supply Shock if the blockage persists.