Oil prices surged for a second day running on Tuesday as global markets brace for a prolonged conflict in the Middle East. On Monday, Iran’s Islamic Revolutionary Guard Corps (IRGC) officially declared the Strait of Hormuz "closed," warning that any vessel attempting to pass will be attacked or "set ablaze". While the U.S. Central Command (CENTCOM) maintains the waterway is not formally closed, traffic has dropped by approximately 70-80%, with major global shippers, including Maersk, Hapag-Lloyd, and MSC, suspending all crossings. Brent crude…
