Hormuz Blockade Pushes Oil Shortage Into New Phase as Brent Nears $100
Middle East crude flows to Asia have fallen sharply, while pre-war cargoes are expected to arrive by April 20, according to the provided market update.
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Terms & Concepts
Brent crude: A global oil benchmark used to price a large share of internationally traded crude oil.
Strait of Hormuz: A key maritime chokepoint for oil shipments between the Persian Gulf and global markets.
Forties crude: A North Sea crude oil grade commonly used in pricing and benchmark calculations.