How high will oil prices rise?

The situation is far too precarious. The Strait of Hormuz is incredibly narrow, with shipping lanes only two miles wide. Iran doesn't even need advanced missiles to exert control; drones or rocket artillery alone could paralyze the passage.

The stakes are too high. This single chokepoint carries 21% of the world's petroleum and 20% of its natural gas. The chaos is absolute. Insurance companies are terrified to provide coverage because the loss ratios have become impossible to calculate. And even if coverage is granted, crews refuse to sail; insurance can compensate for a lost cargo, but it cannot insure a human life.

No one knows how long this turmoil will last. But one thing is certain: the longer the chaos persists, the longer oil prices will continue to climb.