The Narrowest Strait, The Widest Spread: Futures vs. Physical Markets During the Hormuz Crisis

A comparative analysis of gold, silver, and oil spreads across pre-crisis, crisis, and post-crisis phases in hypothetical Middle Eastern conflict scenarios Arzu Alvan | March 7, 2026   There is a strange poetry in how the world’s most critical energy chokepoint—a sliver of water barely 21 miles wide at its narrowest point—can send tremors through financial markets spanning every continent.…

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