Oil nears $100/bbl as US sanctions on Iran disrupt Strait of Hormuz traffic

Summary

A US 'Economic D-Day' campaign against Iran has severely restricted maritime traffic through the Strait of Hormuz, causing a significant geopolitical risk premium and pushing Brent crude prices toward $100 per barrel. In response, Iraq is developing alternative export routes to bypass the chokepoint and has signaled ambitions to double its oil production, which would require a renegotiation of its OPEC quota.