Global oil markets face renewed turmoil as shipping through the Strait of Hormuz has collapsed to just six vessels per day, compared with the normal 130. Brent crude jumped above 9 after Iran widened strikes to Gulf states and the US launched fresh attacks. The Strait normally handles one-fifth of global oil trade. Analysts warn a prolonged closure could push prices between 10 and 50 per barrel, potentially triggering a global recession. Saudi Aramco’s CEO warned stability may not return until 2027. Shipping insurance premiums have skyrocketed and many vessels are being rerouted around Africa at significantly higher costs, disrupting global supply chains.