News Summary

• Brent crude surged to almost $120 a barrel from around $72 dollars before the war with Iran started.
• Beyond oil, the effective closure of the Strait of Hormuz has led to a spike in prices for LNG, fertilizer, jet fuel and other key commodities.
• It remains unclear how the conflict ends and how long it’ll take to unwind the energy supply problems.
• That’s injected fresh uncertainty into a global growth outlook facing a host of disruptors from AI and tariffs to rising debt.