On February 28, U.S. and Israeli forces launched Operation Epic Fury, killing Iran's Supreme Leader and triggering a military response that has effectively shut down the world's most critical energy corridor. The Strait of Hormuz, through which roughly 20% of global oil supply and 30% of seaborne LNG flows every single day, is, for all practical purposes, closed. Brent crude is now sitting above $100… Qatar declared force majeure on its LNG exports, wiping out roughly 20% of global LNG supply in a single announcement… …
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