← March 3, 2026 briefingEconomy
Strait of Hormuz Closure Sends Energy Markets Into Chaos
Iran's closure of the Strait of Hormuz has sent oil and gas prices surging, with global LNG markets facing acute pressure as Qatar — which supplies 20 percent of the world's LNG — has halted production. US LNG producers Venture Global and Cheniere Energy are rushing to capitalise on the spike, while hedge funds are dumping emerging-market positions and the US dollar is jumping. The Reserve Bank of Australia has already flagged a rate hike as a live possibility, citing the oil price shock as a direct inflation risk.
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