Strait of Hormuz closure cuts around 100 million barrels weekly
Business
The Strait of Hormuz, a key route for the world's oil, is closed right now, and it's making a huge dent, about 100 million fewer barrels of oil each week, according to Saudi Aramco's CEO, Amin Nasser.
Countries and companies are burning through their reserves just to keep up, which has pushed oil prices above $100 per barrel.
Middle East conflict deepens supply crunch
The ongoing Middle East conflict is behind the chaos and has led to one of the biggest supply crunches ever.
Talks between the US and Iran haven't fixed things yet, so shortages could get worse in May and June.
Nasser also pointed out that we might not see things balance out into next year if the blockade drags on, meaning high prices could stick around for a while.