Oil supply disruptions at Hormuz push prices higher and cut stocks

Oil supply is being choked off by disruptions at the Strait of Hormuz, a critical shipping route. This has caused OPEC's output to plunge by 7 million barrels per day and pushed oil product stocks in Fujairah to a six-month low. As a result, oil prices, which already saw a record 60% gain in March, are likely to rise further.