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The closure of the Strait of Hormuz since March 2, 2026 – the ninth day of the Iran war – has triggered a global oil crisis.

The situation has pushed oil prices higher and left more than 150 tankers stranded.

Major oil supply disruptions reported

Oil traffic through the strait has dropped by 70 to 100 per cent. Brent crude prices have climbed to about $92 per barrel, up by around 10 to 15 per cent. Analysts warn that a prolonged blockade could push prices to between $100 and $150 per barrel as exports from Saudi Arabia, the United Arab Emirates and Qatar remain disrupted.

Liquefied natural gas supplies have also been affected. Qatar halted production, with around 90 per cent of its LNG exports normally passing through the Strait of Hormuz. Asian countries including China, Japan, India and South Korea have been hit hardest, as the region accounts for about 17 per cent of global LNG demand.

Refining operations have also been disrupted. Saudi Arabia’s Ras Tanura facility has shut down, a fire was reported at the UAE’s Fujairah facility, and Iraq has cut output by about 1.5 million barrels per day.