Up until late on Thursday the rise in global oil markets appeared to be more of an unfortunate bump than imminent oil shock. The immediate response to the closure of the Strait of Hormuz, a 10% price increase, appeared rather benign for what was long-assumed to be the oil market's nightmare scenario. On Friday the situation changed, pennies started to drop. The intervention from the Qatari Energy minister Saad al-Kaabi that all Gulf energy providers were likely to halt export in days, and $150

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