Global Energy Prices Spike After Iran Shuts Down Strait Of Hormuz – The Cradle
Global Energy Prices Spike After Iran Shuts Down Strait Of Hormuz
Roughly one-fifth of global oil and LNG flows through the strait, with about 150 tankers halted in Gulf waters
The US-Israeli war on Iran has pushed commercial transit through the Strait of Hormuz into “de facto closure,” according to data published by market intelligence firm Kpler on 1 March, with Brent crude prices jumping as much as 13 percent to above $82 per barrel.
Most commercial operators and insurers have withdrawn from the corridor, leaving traffic largely confined to Iranian- and Chinese-flagged vessels.
The disruption follows US strikes that killed Iran’s Supreme Leader Ali Khamenei and triggered a second day of open military confrontation, Kpler reported, adding that “supply is being disrupted in real time.”
The Strait of Hormuz handles approximately 20 million barrels per day (bpd) of oil, including crude, condensate, and refined products, representing roughly 20 percent of global oil consumption.
According to CNBC, while 13–15 million bpd of crude oil specifically transits the waterway, it remains the world’s most critical energy chokepoint.
🔗SOURCE ➡️ The Cradle
Related: 3/2 — —❗️🇶🇦/🇮🇷 BREAKING: Qatar suspends all LNG (Liquefied Natural Gas) production and export due to Iranian strikes
3/2 — —❗️🇸🇦/🇮🇷 NEW: All operations at ARAMCO’s Ras Tannoura refinery in Saudi Arabia have been suspended
2/28 — Just In: Iran Is Closing The Strait Of Hormuz, Which Has Never Been Fully Closed In Modern History
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