Flows of crude oil and fuels through the Strait of Hormuz fell to 14.6 million
barrels per day in the first quarter of 2026, down nearly 30% from 20.4 million
a year earlier, according to the US Energy Information Administration. The
decline followed the effective closure of the strait amid the Iran conflict,
disrupting a route that normally handles about a quarter of global seaborne oil
trade. Brent crude has surged more than 45% since the war began, while higher
energy costs have contributed to rising inflation pressures.
