Bernstein research warns that the U.S.-Iran conflict has halted Hormuz flows, cutting ~15 MMb/d, about 15% of global demand.
Brent crude peaked at $120/bbl but fell below $100 as markets price in a diplomatic settlement by end‑April.
Over 750 vessels, including 138 oil tankers, are stranded in the Arabian Gulf, and restarting shipments will need new protocols and insurance.
Asia‑Pacific, lacking large strategic reserves, faces a 650 million‑barrel supply shortfall that could pressure industrial output and energy inflation.