Iran war effectively closes Strait of Hormuz, disrupting crude and LNG supply

The Iran war has effectively closed the Strait of Hormuz, severely disrupting Middle East crude oil and LNG exports and creating shortages in physical supply. The disruption has already led to lost oil barrels and higher prices. The shock is reshaping pricing for spot cargoes and nearby crude and LNG futures as a sudden geopolitical supply hit rather than a routine risk scenario.