The global oil market is facing one of its biggest shocks in history, with crude prices surging to $110 per barrel as the crisis in the Strait of Hormuz intensifies. Market analysts warn that the world is currently operating with nearly zero spare capacity, making any further disruption catastrophic for energy-importing nations. Discussions are centering on the impact of this volatility on Strategic Petroleum Reserves (SPRs) and LPG supplies. The “Morning Brief” highlights that the closure or blockage of this vital maritime corridor could lead to unprecedented inflationary pressure on global trade and transportation.