The build-up of over 3,000 ships in the Persian Gulf, blocked from passing through the Strait of Hormuz, has exacerbated the already rising oil and gas prices. Analysts from Equita are raising alarms, suggesting that the current situation might mirror the price shocks of 2022 when global energy markets were in turmoil. As a result, the price of Brent crude oil futures spiked to a daily peak of $84.9 per barrel before stabilizing around $83, reflecting an increase of 6.9%. Similarly, U.S. WTI oil futures hit a daily maximum of $77.5, highlighting a significant upward trend in energy costs.