Iran’s All-or-Nothing Game in the Strait of Hormuz

Brent crude is set to close above $100 for the first time since 2022 as tensions around the Strait of Hormuz intensify. ICE Brent is set to settle above $100 per barrel for the first time since August 2022, undeterred by the US’ easing of sanctions on Russia and the IEA’s mulled release of strategic petroleum stocks. The closure of the Strait of Hormuz sits front and centre to any oil price outlook, with Iran already striking at least 18 vessels since the US-Iran conflict started two weeks ago. Iran’s New Supreme Leader Goes All…