Global energy markets are navigating extreme uncertainty fueled by the persistent blockade of the Strait of Hormuz, which has effectively stranded nearly 20 million barrels per day of crude and LNG. As of 10.23am on Monday (May 4, 2026) Brent Crude prices hovered around $107, a slight 0.40% drop from the last trading day, amid fears of a historic supply shock. Mixed reaction Market reactions remain mixed as nations pivot to desperate mitigation strategies, such as rerouting via Saudi Arabia's East-West pipeline or exploring new land routes through Syria. Despite these shifts, Asian refineries — heavily reliant on Gulf imports — continue to slash throughput, exacerbating global inflationary pressures and prompting major international institutions to slash 2026 growth forecasts.…