The Strait's Shadow: How Brazilian Oil is Casting a New Light on Global Markets The Strait of Hormuz, that narrow waterway connecting the Gulf to the open sea, has been a linchpin in global energy trade for decades.
Its blockade by Iran and the corresponding naval blockade on Iranian ports by the United States has sent shockwaves through the industry. Brazil is emerging as a surprise beneficiary of this chaos.
The country's oil production has increased steadily in recent years, driven largely by major offshore developments like the Tupi and Buzios fields.