Brent crude spiked near $144 but stayed below historic crisis highs after Hormuz closure

Brent crude oil prices briefly surged to approximately $144 per barrel in spot markets following the closure of the Strait of Hormuz before easing as markets adjusted. Despite the severity of the supply disruption, prices did not reach the extreme levels recorded during the 1973 Arab oil embargo or the 1990 Gulf War when adjusted for inflation. The Asian Development Bank highlighted this in a report, noting the shock as unprecedented yet comparatively contained in its price impact. Several market factors appear to have cushioned the full force of the supply disruption on global crude prices.