Strait of Hormuz faces potential closure, impacting oil stockpiles. Traffic normal by July 31 at 42.5% YES, Bab el-Mandeb Strait closed by May 31 at 5% YES.

The world's oil stockpiles could approach all-time lows by the end of May due to the Strait of Hormuz closure, according to UBS.

Iran conflict boosts coal demand as the Strait of Hormuz remains closed. Traffic returns to normal by July 31 at 42.5% YES.