U.S. ceasefire extension with Iran hasn't reopened Strait of Hormuz, keeping oil and gas flows closed for over 50 days.
Over 600 million barrels of oil are blocked, with daily shut‑in exceeding 10 million barrels, tightening global physical markets.
Barclays says market underprices disruption, pricing long‑run oil at $60‑$65 per barrel and urges investors to buy on weakness.
UAE’s Dr. Sultan Al Jaber calls for safe passage, noting Hormuz belongs to the world amid security threats to vessels.