Canadian energy company Dune Oil Corp (CSE:DUNE) holds a 29% interest in Block M47 in southeastern Turkey. The independent resource assessment for this block was previously based on a Brent crude oil price assumption of $63.68/barrel in 2026. However, the partial closure of the Strait of Hormuz has led to a reduction in global supply of approximately 9.1 million barrels/day, pushing Brent crude oil prices above $100/barrel, far exceeding previous expectations. Scott Lower, President of Dune Oil, believes that the current supply tightness is not a temporary phenomenon but rather the cumulative effect of a decade of underinvestment. As a major energy importer, Turkey's energy import bill is projected to increase by $14 billion in 2026 due to the Hormuz crisis, highlighting the growing importance of domestic crude oil production.