Tom Kloza states the Strait of Hormuz closure has caused an unprecedented loss of ~500M barrels of supply. He argues if the Strait remains "impeded" in April, crude prices could spike to $130-$140/bbl or even parabolic levels of $200-$240/bbl. He also highlights critical tightness in U.S. gasoline supply on the East Coast. The prolonged blockage of a critical chokepoint for global oil shipments creates a massive physical supply deficit. This deficit is not easily replaced, leading to sharply higher prices. Higher refined product prices will curb consumer demand and act as a tax on the economy. SHORT on the broad energy minerals sector because extreme price spikes will lead to demand destruction, economic pain, and potential policy interventions (like a federal gas tax holiday), which are ultimately negative for the stability and long-term demand of the sector. A swift diplomatic resolution and full reopening of the Strait of Hormuz would alleviate the physical supply crunch and likely cause prices to retreat.