Strait Closure Sparks Oil Market Shifts
Strait of Hormuz closure disrupted 20% of global oil and LNG flows.
G7 discussed releasing oil reserves to mitigate energy disruptions.
Russia is second-largest oil exporter with largest natural gas reserves.
Putin urged Russian companies to exploit Middle East market conditions.
Europe could reorient for cooperation if it offers long-term, non-political partnerships.
Oil prices hit $100 per barrel amid disrupted transit routes.
1 hour ago