Story thread
The 2026 oil shock
The Strait of Hormuz is all but closed, Brent is above $115, and the effects are spreading to inflation, currencies, markets and central banks.
The story so far, oldest first
- 24 Oct 2026Oil hits a six-month high as the Strait of Hormuz stays blockedBrent settled at $116.72, a third weekly gain and up about 76% on a year ago, as fears of a wider Middle East conflict grow.Global · External shock → Link 1 · Cause
- 24 Oct 2026Japan’s oil bill pushes its trade balance into deficit for a fifth monthThe April–September deficit reached ¥2.81tn ($17.8bn). Imports rose 20%, and the yen is near 157 to the dollar.Japan · External shock → trade & yen · Effect
- 24 Oct 2026Dow falls 650 points as oil costs hit airlinesThe Dow lost 1.2% on 23 October. Airline shares fell as fuel costs rose, and worries about AI spending added to the selling.United States · Link 5 · Real economy · Effect