The oil and gas market urgently needs US military escorts in the Strait of Hormuz to restart Persian Gulf energy flows, but the crisis won't resolve overnight. Brent crude has risen 13% since the conflict began, with diesel and jet fuel gaining even more sharply as the war threatens to drive up retail prices.

One in five barrels produced worldwide and a similar proportion of liquefied natural gas pass through Hormuz, making it a critical chokepoint. Iraq has already slashed oil output due to storage filling up from a lack of tankers, while Qatar's Ras Laffan LNG plant shut down after a drone attack. Even with convoys, ship captains ultimately decide whether to sail.

Aluminum prices hit their highest since 2022 after Aluminium Bahrain BSC suspended deliveries under force majeure clauses, highlighting how the shipping disruption ripples across commodities. The situation underscores that while military escorts are a first urgent step, they won't immediately end the chaos in global energy markets.