Energy markets are facing a potential crisis if disruptions in the Strait of Hormuz continue for several weeks. According to Dave Ernsberger, President at S&P Global, prolonged blockages could trigger record-high oil prices, surpassing peaks seen 10-15 years ago. Gulf producers may be forced to cut output, reducing global supply. This could lead to soaring fuel prices at petrol pumps worldwide and even shortages in some markets, creating a difficult scenario for both global economies and consumers.
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