Oil markets shudder as Hormuz blockage triggers historic supply shock

The ongoing Iran‑led conflict has pushed the Strait of Hormuz toward near-total closure, with the IEA estimating about 15 million barrels of crude and 5 million barrels of other oil products blocked daily, and Gulf producers cutting at least 10 million barrels per day. This has driven oil prices above $100 a barrel and, the IEA warns, represents the largest historical supply disruption to the global oil market, with ripple effects across energy markets, geopolitics, and humanitarian concerns.