Global oil prices surge amid Strait of Hormuz supply crunch

Strait crisis: Global traders race to secure oil barrels amid Hormuz supply crunch

Global crude oil markets are in a frenzy as a severe shortage drives intense competition for prompt deliveries. Physical oil prices have surged to unprecedented levels, with buyers vastly outnumbering sellers. This scramble, fueled by reduced Middle Eastern flows, is forcing refiners to consider scaling back operations, potentially worsening fuel shortages.

By TOI BUSINESS DESK