Business & Economics
Strait of Hormuz Blockade Triggers Gulf Output Cuts, Sends Regional Crudes Past $100
On 8 March 2026, nine days into the US-Israel–Iran war, the closure of the Strait of Hormuz forced the UAE and Kuwait to join Iraq in curbing production as storage maxed out, propelling Brent 30 % higher in a week and leaving global prices within dollars of the $100/bbl psychological line.