"Oil prices are continuing to climb despite Iran's proposal to end its blockade of the Strait of Hormuz in exchange for deferring nuclear negotiations with the United States. Brent crude, the international benchmark, rose 3 percent on Tuesday as Tehran's offer failed to assuage traders' concerns about the blockade of the waterway critical for global fuel supplies."

"What they mean by opening the straits is, 'Yes, the straits are open, as long as you coordinate with Iran, get our permission, or we'll blow you up and you pay us.' That's not opening the straits. Those are international waterways. They cannot normalize, nor can we tolerate them trying to normalize, a system in which the Iranians decide who gets to use an international waterway and how much you have to pay them to use it."

"Even if hostilities ended immediately, a return to normal market conditions would take months, Lipow said, citing the need to clear mines, ease tanker congestion and gradually restart production and refining. Factoring in shipping and distribution lags, he estimated it would take at least four to six months for oil markets to stabilize, with prices likely to remain elevated in the interim as inventories approach critical levels."

"If no credible arrangement emerges for Hormuz, every future dispute between the US and Iran risks becoming a naval crisis. Tanker seizures, military escorts, sabotage claims and sudden spikes in insurance costs would become tools of politics by other means."

"The shortage could affect everything from bin bags to medicine because the global supply chain depends on the products made with crude—not crude itself."

"Even after the war ends, UK citizens should expect higher energy, food, and flight prices for at least eight months."