finance
Strait of Hormuz Blockade Cuts Middle East Oil Supply by 782 Million Barrels
The Strait of Hormuz remains almost completely blocked amid the conflict involving the United States, Israel, and Iran. Kpler reported cumulative Middle East oil supply losses of 782 million barrels as of May 8, with losses projected to reach 1 billion barrels by the end of May.
May 17, 7:00 PM·1m read1 source
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Global oil markets are tightening as the blocked Strait of Hormuz has removed hundreds of millions of barrels from supply. Kpler reported the cumulative loss of oil supply in the Middle East since February 28 had reached 782 million barrels as of May 8.
The International Energy Agency now expects global oil supply to fall sharply in 2026 while demand remains relatively resilient. Analysts and industry leaders warn that strategic reserves are being depleted faster than expected.
Kpler data showed losses on track to reach 1 billion barrels by the end of May. The Strait of Hormuz remains almost completely blocked. Analysts are no longer modeling for a swift end to the war between the United States, Israel, and Iran. They are now allowing for an extended period of severe energy flow disruptions.
The likelihood of a global crude shortage is becoming more realistic with each day the strait remains blocked. The situation was considered implausible three months ago.
