For over two months now, the Strait of Hormuz has been almost completely closed to navigation. Neither the threats nor the negotiating efforts of the Americans have made any difference, nor have the offers of assistance to the ships blocked in the passage. This is one of the biggest energy shocks in history, with no solution in sight. Here are its consequences in detail.
Tankers passing through the Strait of Hormuz per week
Before the war, the Strait of Hormuz saw about 1,500 oil tankers passing through each month. They now pass through in dribs and drabs: in April, it is estimated that only about 180 passed through. According to our estimates, this is equivalent to 12% of the global consumption missing. For every additional month of the strait’s closure, 2% of the annual consumption of liquefied natural gas is lacking.
Strait of Hormuz, crude oil exports by destination in millions of barrels per day (2025)
Approximately 85% of the oil and 90% of the gas that normally transit through the strait are destined for Asia. After the closure of Hormuz, oil prices have surged by more than 70%, even in some countries. This shock is particularly severe where reserves are low, such as in Pakistan or the Philippines.
Imports of LPG in millions of tonnes (2025)
The use of liquefied petroleum gas for cooking is widespread in many Asian countries, and a large part of this LPG is imported via the Strait of Hormuz. In India, where this accounts for 90%, the fear of a shortage has led to a buying frenzy. Deprived of this fuel, some restaurants have had to close.
Origin of naphtha imports in a selection of Asian economies (2025)
Plastics have seen their prices skyrocket along with crude oil, from which they are generally derived. Other materials used in their composition, including refining products like naphtha, also come from the Middle East. Several plastic manufacturers in Asia, considering themselves faced with a force majeure situation, have waived certain contractual obligations.
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