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Story summary
- The reopening of the Strait of Hormuz could quickly clear a backlog of about 1,900 vessels once safety is assured, affecting 20% of oil trade.
- However, Gulf producers would need weeks to ramp up oil and gas production after extensive damage from Iranian strikes.
- Disruptions could lead to stagflation, with high prices and weak growth, affecting consumers and businesses worldwide.
- The situation remains fluid, with no clear resolution in sight.
