The Middle East crisis isn't just about stranded tankers — oil output could be forced offline next

Commercial ships are anchoring off the coast of the United Arab Emirates amid navigation disruptions in the Strait of Hormuz.

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• US-Israel strikes on Iran threaten the Strait of Hormuz and global oil flows.
• A prolonged closure could fill storage tanks and force Gulf producers to stop pumping oil.
• Surging crude may lift US shale while stoking inflation and economic pressure at home.

Oil traders are bracing for disruptions to the Strait...