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Global Oil Supply Disrupted: West Asia Exports Drop Over 60% Amid Strait Of Hormuz Closure
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Strait of Hormuz Closure Halves West Asia Oil Exports, Global Supply in Crisis
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News18
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16-03-2026, 23:48
Strait of Hormuz Closure Halves West Asia Oil Exports, Global Supply in Crisis
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West Asia oil exports dropped over 60% in a week due to Strait of Hormuz closure amid US-Israel war in Iran.
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The closure of the key waterway, through which a fifth of global crude flows, has severely disrupted supplies.
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Crude prices surged to over $100 per barrel, highest in four years; fuel prices hit record levels.
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Major producers like UAE, Saudi Arabia, and Iraq significantly cut production, leading to 7-10 million bpd total cuts.
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US President Donald Trump urged NATO allies to reopen the strait, but Western nations ruled out military intervention.
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