Oil supply disruptions risk worsening if Strait of Hormuz isn't reopened by mid-April

The Strait of Hormuz, a critical passage for about 20% of global oil supply, remains closed due to conflict involving Iran, threatening significant oil supply disruptions by mid-April. Despite temporary measures like releasing strategic reserves and easing some sanctions, these are expected to run out soon, potentially causing sharp rises in oil and energy prices worldwide. The physical market for oil is already showing higher prices than financial markets, signaling real supply issues. The situation's resolution depends on reopening the strait or other geopolitical outcomes, but the window to avoid severe economic impact is closing rapidly.