Brent Crude Surges Above $100 Amid Strait of Hormuz Closure

The effective closure of the Strait of Hormuz has driven Brent crude prices above $100 per barrel throughout much of March, marking an increase of over 32% since February 28. According to NS3.AI, this situation has led to fuel emergencies in several countries. In Australia, more than 500 gas stations have completely depleted their fuel supplies. The Philippines has declared a national energy emergency, while South Korea has implemented a five-day vehicle rotation for the public sector, affecting approximately 1.5 million vehicles. Meanwhile, India has secured around 60 million barrels of Russian crude for delivery in April, as global fuel supply chains continue to face disruptions.