Oil markets and Middle East producers appear to be aligning around a new reality: The Strait of Hormuz is no longer expected to return to a prewar norm.

Oil markets and Middle East producers appear to be aligning around a new reality: The Strait of Hormuz is no longer expected to return to a prewar norm. Link Oil Surges Most Since 2020, Reflecting Bet That Strait Won’t Go Back to Normal International crude price climbed nearly 10% as President Trump said he would reimpose U.S. blockade.