Date: March 20, 2026
Assessment horizon: current situation, and likely developments over the next several weeks and months if disruption persists
Executive Summary
The Strait of Hormuz crisis is no longer best understood as a narrow oil shock. It is now a multi-commodity logistics and industrial shock affecting crude, condensate, diesel, jet fuel, LNG, LPG, naphtha, fertilizer, sulphur, helium, petrochemicals, plastics, aluminum, shipping insurance, and freight.
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