"There are very real physical manifestations of the closure of the Strait of Hormuz that are working their way around the world through the system that I don't think are fully priced in," said Chevron CEO Mike Wirth.
The fire at Primorsk is a significant blow to Russia's oil export capacity. Even a brief shutdown could create significant ripple effects throughout the global energy markets, introducing increased volatility and uncertainty that could affect consumers and businesses alike.