Oil flows through the Strait of Hormuz are down -90% from normal levels, far WORSE than expected.

Only 0.9 million barrels per day have been redirected via alternative routes, vs a theoretical capacity of 3.6 million.

The current supply shock is 17 TIMES larger than the peak hit to Russian production in April 2022.

If flows remain depressed through March, oil prices could exceed the 2008 and 2022 peaks.

The energy crisis is escalating.