Is the world at risk of another energy shock? | Counting the Cost

Shipping through the Strait of Hormuz remains in effect halted. Tankers are now avoiding another critical waterway - Bab al-Mandeb - as Yemen's Houthi forces threaten Saudi-linked vessels. Ukrainian strikes have hit Russian export infrastructure. Three major routes are now disrupted at once: the Gulf, the Red Sea and the Black Sea.

Together, they threaten trade flows equivalent to nearly a quarter of global oil supplies just as reserves sit at multiyear lows.

Goldman Sachs says oil could rise above $120 a barrel by the fourth quarter if disruptions in the Strait of Hormuz alone persist.

Economies worldwide are bracing for another energy shock.

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