Morgan Stanley states that the oil market is "racing against time," and if the blockade of the Strait of Hormuz continues until June, the factors that previously drove oil prices higher due to the joint Iran containment efforts may no longer be effective.

Analysts including Martijn Rats noted in a report that despite a loss of nearly 1 billion barrels of supply, the market entered the crisis with a buffer, and investors have been expecting the strait to reopen, so crude oil futures have not broken through the 2022 highs.