“The Strait of Hormuz is essentially closed, and yet prices are only up a little bit,” said oil forecaster Dan Pickering, founder of the Pickering Energy Partners consulting and research firm, admitting he expected greater market movement.
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Oil prices spiked above $70 per barrel on Monday, while the international standard Brent crude hit $79. A key oil exporter, Iran shipped out an estimated 1.9 million barrels of crude per day, according to International Energy Agency data from December 2025.