Amid rising military tensions, another curve in the global energy market is beginning to experience sharp fluctuations: the surge in oil prices triggered by the blockade of the Strait of Hormuz. On February 28, Iran announced the closure of the Strait, leading to a significant decrease in shipping traffic, and by March 2, commercial shipping had almost ground to a halt. The closure of this "world oil valve" caused a dramatic spike in international oil prices. The shockwaves in the global energy and refined oil markets are expanding, impacting the global economy.

Wang Ziyuan / China Youth Daily