Hormuz Crisis: Global Oil Supply Plunges, Exposing Chokepoint Vulnerability

• The Strait of Hormuz crisis, triggered by US-Israel airstrikes on Iran, has caused the largest oil supply disruption in history.
• Global oil supply is projected to plunge by 8 million barrels per day in March, with Brent crude soaring to $120 amid intensified Iranian strikes.
• A second chokepoint, the Suez Canal via the Red Sea, is now threatened, exacerbating global energy insecurity.
• IEA's 400-million-barrel emergency release is a temporary fix, with scenarios ranging from a quick ceasefire to a protracted conflict and stagflation.
• India, importing 88% of its crude, faces severe economic impact, including a potential 1.3% GDP growth decline if oil hits $120.