[Economist: The Impact of Hormuz Strait Closure Is About to Crush Demand] Odaily Planet Daily News - The oil shock from the Hormuz Strait closure has not yet caused a demand collapse, as wealthy nations are utilizing reserves and securing supplies at high prices. However, traders are now warning that a severe demand reduction is imminent. Traders state that the longer the Hormuz Strait remains closed, the more consumption will need to adjust downward to align with at least a 10% supply reduction. To achieve this, people will have to cut back on purchases, either due to unaffordable prices or through government-imposed measures to suppress consumption. Saad Rahim, Chief Economist at Trafigura Group, noted that demand destruction is occurring in less visible pricing centers. This reduction is already underway, but if the situation persists, the scale of demand reduction will only grow larger. We are at a critical turning point. (Jin10)