Iran’s Strait of Hormuz closure triggers historic oil supply shock

The global oil market faces its deepest crisis in decades as Iran’s closure of the Strait of Hormuz has caused an unprecedented supply disruption. The Strait, one of the world’s most critical chokepoints for energy shipments, was effectively shut down by Tehran in late February in retaliation for intensifying U.S.-Israel attacks on Iranian territory. The shutdown has halted nearly all traffic, cutting off a staggering 10.1 million barrels per day (bpd) in March alone—a supply disruption unmatche