The article says the Strait of Hormuz has been closed, disrupting flows that include 20% of global oil and natural gas, 30% of seaborne fertilizer trade, 30% of helium supply and transport linked to 10% of aluminum production. It says gasoline has risen more than 50% to around $4.50 a gallon and diesel is up more than 60%, while fertilizer and helium shortages could lift food prices and disrupt semiconductor production. The piece adds that U.S. CPI has climbed to 3.8% and wholesale prices are up 6%, with markets expecting the Federal Reserve may raise rates by year’s end.

Nigeria-based producer SEEPCO delivered about six million barrels of crude to Indian Oil, Bharat Petroleum and Hindustan Petroleum between March and May 2026. The cargoes moved via Atlantic routes from Nigeria, avoiding the Strait of Hormuz as tensions around the chokepoint drew attention to supply-chain risk. The deliveries provided an alternative source of crude for three major Indian state-owned refiners during a period of market volatility tied to developments in the Gulf corridor. The company said the shipments reflect how established logistics and commercial ties can support supply reliability amid uncertainty.