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Story summary
- The closure of the Strait of Hormuz has halted 20% of the world's oil and LNG supply and pushed global benchmark oil prices up by 50% to over $110 per barrel.
- The International Energy Agency warns that recovery could take six months or more.
- Governments are implementing energy-conservation measures, including travel restrictions and promoting public transport.
- Fertilizer prices have risen and threaten global food supplies and agriculture.
