What the Strait of Hormuz Crisis Means for the UK Economy and Global Oil Prices in 2026
Posted on March 5, 2026 by Erica Smith
As of March 5, 2026, the Strait of Hormuz is effectively under a “risk blockade.” Following the US-Israeli strikes on Iran, insurance firms have pulled cover for tankers, causing a massive backlog. The delay has pushed Brent crude toward $82 and sent UK wholesale gas prices up by 40%. For those of us in the […]