<div id="readability-page-1">Crisis in Hormuz: Closure of the Strait of Hormuz has disrupted 20% of global oil flows, driving Brent crude above $112 per barrel. Reserves running low: Strategic and commercial oil reserves are being rapidly depleted, removing a key buffer against further price spikes. Worst-case fears: Analysts see potential for oil to hit $200 if Middle East hostilities escalate and infrastructure suffers lasting damage.</div>

<p>Exxon warns that the oil market is not fully accounting for the ongoing crisis in the Strait of Hormuz, which has disrupted 20% of global oil flows and pushed Brent crude prices above $112 per barrel. With strategic reserves depleting, analysts fear prices could soar to $200 if Middle East tensions escalate.</p>

- The closure of the Strait of Hormuz has disrupted 20% of global oil flows, causing Brent crude prices to exceed $112 per barrel.  
- Strategic and commercial oil reserves are being quickly depleted, which diminishes the protection against further price increases.  
- Analysts warn that if Middle Eastern conflicts worsen and damage persists, oil prices could potentially reach $200 per barrel.

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Exxon warns oil shock far from fully priced in