Military conflict involving Iran, the U.S., and Israel has halted nearly all maritime traffic in the Strait of Hormuz. The passage facilitates approximately 20% of the world's daily oil supply. Shipping companies and insurers withdrew from the region following targeted attacks and heightened risks.
Brent crude prices surged past $100 per barrel for the first time since 2022. The closure has stranded more than 150 tankers. This disruption severed energy supplies to major markets in Asia and Europe.
Saudi Aramco warned that the closure could have catastrophic consequences for the global economy. The company has begun rerouting some oil supplies. G7 nations are evaluating a release of strategic petroleum reserves to stabilize global prices.