00:00What is happening in the Strait of Hormuz right now is not just a regional conflict.
00:04It is the largest oil supply disruption in the history of the global energy market,
00:09and the International Energy Agency says it has never seen anything like it.
00:14Since Iran effectively closed the strait five weeks ago,
00:17approximately 20 million barrels of oil per day have been blocked from reaching global markets.
00:22Oil tanker traffic, which once numbered hundreds of ships per day, has dropped to near zero.
00:28The ripple effects are catastrophic.
00:31Brent crude is above 109 ton per barrel.
00:34Diesel has topped 545 a gallon in the United States.
00:38Jet fuel is more than double its pre-war price, forcing airlines to cancel routes.
00:43But it is not just fuel.
00:45The Gulf region produces nearly half the world's urea, a key component of fertilizer.
00:50With that supply gone, U.S. corn and grain yields for 2027 could plummet.
00:55Food prices are already rising.
00:58Qatar has declared force majeure on all LNG contracts.
01:02Qatar Energy says restarting gas production after the war ends will take weeks at minimum.
01:08The IEA calls this the greatest global energy security challenge in history.
01:12aze the outside movie will take days and industry.
01:13To be continued...
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