Strait of Hormuz crude impact: UBS says 10 million barrels per day lost due to closure

Giovanni Staunovo, Commodity Analyst at UBS Global Wealth Management, says 10 million barrels per day of crude have been lost from the closure of the Strait of Hormuz. He adds refined products are also seeing losses. Staunovo also says the path of least resistance for oil prices is higher as long as the Strait remains shut. He says there's a "mismatch" between words and actions from the US, and he is currently focused more on their actions.