The Strait of Hormuz is identified as one of the world's most critical oil chokepoints, with a staggering volume of oil passing through it annually.
The total volume of oil passing through the Strait of Hormuz stands around a staggering $600 billion. While a blockade of the strait is considered a distant possibility, its closure could ripple across global supply chain networks.
In particular, Japan, China, and India would be impacted the most. Furthermore, a shock to oil prices would likely affecting production costs, in turn raising the price of consumer goods. This graphic, via Visual Capitalist's Dorothy Neufeld, shows the most vital oil transit chokepoints, based on data from MUFG. The Strait of Hormuz and Oil Trade Flows Below, we show how the Strait of Hormuz sees the second-highest volume of oil passing through its corridor globally In 2023, 20.9 million barrels of oil flowed through the Strait of Hormuz, which lies between Iran and Oman. Iran largely controls this waterway, where 20% of global oil consumption is transported across this shipping route. In response to Israel-Iran conflicts, oil production surged by 950,000 barrels per day in Junelargely driven by Saudi Arabian output. While tensions have recently flared between Israel and Syria, it remains to be seen if conflict will resurface with Iran. Earlier in July, Israeli officials met with Trump to discuss certain scenarios that would justify a future attack on Iranincluding the resumption of nuclear enrichment activities. By Zerohedge.com
Strait Of Hormuz Global Oil Trade Energy Security Oil Prices Supply Chain Iran Oil Oman Oil Saudi Arabia Oil Oil Transit
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