Oil hits ~$105 as Hormuz standoff bites
Brent crude traded near $105 as the Strait of Hormuz disruption from the Iran conflict keeps supply tight — a direct shock to fuel and shipping costs that’s rippling through global trade. The energy squeeze has already prompted the OECD to cut its 2027 growth forecast and is forcing Asian manufacturers from plastics to beer to wrestle with higher input and transport costs, while the IEA has issued ten public guidelines for coping with fuel shortages and potential “energy lockdowns.” (markets.chroniclejournal.com) (reuters.com) (reuters.com) (theeconomiccollapseblog.com)
Brent crude hit $111.23 on March 27, 2026, marking a 43.09% rise over the past month and a 52.88% year‑on‑year increase, according to market trading data. (tradingeconomics.com) The IEA says roughly 20 million barrels per day of crude and products normally transit the Strait of Hormuz and that those flows have “plunged to a trickle,” describing the situation as the largest supply disruption in oil‑market history. (iea.org) IEA member countries agreed on 11 March to release 400 million barrels from emergency reserves — the agency’s largest-ever coordinated stock release — while urging ten rapid demand‑side measures to ease consumer pain. (iea.org) The OECD left global growth for 2026 at 2.9% but trimmed its 2027 projection by 0.1 percentage point to 3.0, and it now sees G20 inflation reaching about 4.0% in 2026, roughly 1.2 percentage points higher than previous forecasts. (oecd.org) Reuters reporters say Asian manufacturers from food and plastics to toys and cosmetics are already cutting output or passing higher fuel, feedstock and transport costs onto customers as supply chains strain. (money.usnews.com) India’s brewers’ body has publicly sought beer price increases as glass, paper and plastic input costs surge, illustrating the downstream price pressure hitting consumer sectors. (cnbctv18.com) Trade‑and‑shipping analysis warns the near‑halt of Hormuz traffic, combined with renewed Red Sea risks, has created a potential dual‑chokepoint that insurers and shippers say is raising freight premiums and rerouting costs. (thomsonreuters.com) Major banks have revised their oil forecasts: Bank of America raised its 2026 average Brent forecast to $77.50 a barrel (from $61) citing the Hormuz disruption, and Goldman Sachs boosted its 2026 Brent average to $85, reflecting assumptions of prolonged supply losses. (sahmcapital.com)
