Will reopening the Strait of Hormuz bring relief to global energy markets?
Oil prices dropped sharply after progress in US-Iran negotiations raised hopes of reopening the Strait of Hormuz. The crisis has already disrupted global energy markets, pushed countries toward World Bank funding, and increased pressure on consumers through rising fuel, food, and electricity costs. India has also shifted oil imports toward Venezuela as markets react to uncertainty surrounding global supply chains, shipping routes, and future energy stability.
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