The Strait of Hormuz, which previously facilitated approximately 20% of the world’s seaborne oil, is experiencing near standstill conditions, severely impacting oil distribution. Concurrently, disruptions at the Bab al-Mandeb Strait complicate transportation routes between the Middle East, Europe, and Asia, further straining global supply chains. Market analysts are observing these developments closely, with predictions indicating a 14% chance of crude oil prices reaching an all-time high by the end of the year, driven by ongoing supply pressures and geopolitical factors.