Brent crude has seen one of its fastest reversals in years — surging on fears of a prolonged Strait of Hormuz shutdown before retreating after the US-Iran agreement. The focus now shifts from panic to recovery, as inventories, shipping & Asian demand determine what comes next, writes Saurav Anand Why oil prices surged, and then fell so quickly The recent rally was driven by fear, not an immediate shortage of oil. The Strait of Hormuz carries nearly 20 million barrels of crude oil and petroleum products a day, equivalent to almost 20% of global oil consumption, besides around 20% of global LNG trade.