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 t

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.