[verdverm]

Pretty much all prices go up because oil is up 50% and is involved in so many things. It's not just oil and energy, there are other resources that go through Hormuz and the Red Sea. They saw TACO tuesday play out again and have been emboldened.

Also should be considered that some of the facilities that produce these resources are down for months to over a year. Hormuz being "open" does not mean traffic goes back to normal either.

[burnt-resistor]

The other thing most people don't understand is there are several attributes of oil, and sweetness isn't interchangeable. Oil abundance doesn't imply abundance of all types for all purposes. Plus, demand in many categories from consumers is inelastic such that minor supply chain issues greatly affect prices globally. Furthermore, the petrochem supply chain is deep and long such that some effects are felt immediately but others take 30-90 days to realize at the end consumer level.