Middle East Escalation Raises Oil Prices and Offers Respite for Colombian Exports and Revenue: Why?

TL;DR

Military escalation in the Middle East led to a sharp rise in oil prices, with Brent crude reaching $84 and WTI $79 per barrel.
Iran's significant role in global energy, due to its large oil reserves and strategic control of the Strait of Hormuz, makes regional tensions a major risk.
Maritime traffic through the Strait of Hormuz has dropped significantly due to security concerns, with tankers making up a large portion of the affected vessels.
Higher oil prices can benefit Colombia's external accounts and fiscal revenue, as oil and derivatives constitute a significant portion of its exports.
The positive impact of increased oil prices on Colombia is now limited due to the structural deterioration and declining production within the country's energy sector in recent years.

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