Hormuz Closure Drives Brent to $120/Barrel Amid Fragile US-Iran Ceasefire

Strait of Hormuz closure since March 4, 2026, halts 20 million barrels/day, or 27% of global maritime oil trade, surging Brent crude to $120/barrel with a record 64% March gain. Despite a US-brokered temporary ceasefire on April 8, Iran restricts transit to 5 ships daily versus 80 pre-war, charging over $1 million tolls per vessel. US money markets draw $8 trillion in safe-haven flows as North American producers gain from the supply shock.