For every day the war in the Middle East drags on, the crisis in energy markets deepens. The price of everything from gas and oil to jet fuel and plastics is rising sharply.
That crisis is set to get dramatically worse over the next week or two.
Energy shipments stopped in their tracks on February 28 when the war began and Iran effectively closed the Strait of Hormuz. But plenty of ships made it out to sea in those final days before the conflict began. The last of them should arrive in Japanese and Korean ports sometime over the next 8-10 days.
After that, there’s nothing coming.
