Oil price skyrockets as May's petrol price deadline looms

Oil price skyrockets as May's petrol price deadline looms

Global energy markets remain under sustained pressure as continued disruption in the Strait of Hormuz keeps one of the world’s most strategically important oil transit routes unstable, despite intermittent diplomatic efforts to ease tensions. The strait, which normally carries around 20% of global oil and gas shipments, remains heavily constrained by ongoing military enforcement and geopolitical uncertainty following the collapse of negotiations…