$ENERGY - Oil prices could reach $200+ per barrel due to the Strait of Hormuz closure creating a 20 million barrel/day supply gap that cannot be easily resolved by markets.
$RUSSIA - Russia stands to benefit enormously as one of the few major oil producers with spare capacity outside the Strait of Hormuz, with India and Europe already increasing Russian oil imports.
Bearish:
$AIRLINES - Airlines face catastrophic jet fuel price increases with Singapore jet fuel already hitting $220/barrel from $90, creating existential risk for the industry.
$REFINERS - Asian refineries are preemptively reducing run rates to avoid running out of crude feedstock, with shutdowns being the worst-case scenario that's difficult to recover from.
$OPEC - OPEC's spare capacity is trapped on the wrong side of the Strait of Hormuz, making the organization irrelevant in addressing this crisis.
$EMERGINGMARKETS - Lower income countries will face outright oil shortages rather than just high prices as wealthy nations outbid them for limited supply.