Oil markets have reacted sharply to the effective closure of the Strait of Hormuz. Paul Gooden, Head of Global Natural Resources, explains why the disruption is reverberating through oil and gas markets, how supply constraints are pushing prices higher, and what it could mean for energy markets in the weeks and months ahead.

A new commodity order is taking shape, defined by geopolitical fragmentation, electrification, supply constraints, regionalisation of energy and materials markets, and a re-ordering of global supply chains.