UBS commodity analyst Giovanni Staunovo has warned that the Strait of Hormuz may shut down, potentially leading to a significant increase in oil prices. The closure could remove roughly 10 million barrels of crude per day from global supply and result in a significant supply shock, affecting everything from airline tickets to electricity bills. This could also impact refined products. Staunov noted that with the passage still restricted, the most likely direction for oil prices is higher. The International Energy Agency estimates that the conflict could cut global oil supply by around 8 million barrels a day this month alone, before considering longer-term damage. Most tanker owners, oil majors, and trading houses have already stopped sending crude, fuel, and liquefied natural gas through Hormoz.