Could this energy crisis be worse for the global economy than COVID?

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Despite reports of negotiations between the US and the Iranian regime, the Strait of Hormuz remains effectively closed to most oil tankers, with only a small number of vessels being allowed to pass. The result is a loss of roughly 11 million barrels per day (mbd) of oil and petroleum liquids to the global market. This represents just over 10% of global supply.

At first glance, a 10% disruption may not sound catastrophic. But in oil markets, even a 10% imbalance...