More than two months after the closure of the Strait of Hormuz, “The Economist” has produced an infographic on the economic impact across the globe. From fuel shortages to a surge in pistachio prices, to the consequences on factories producing semiconductors.
It has been over two months since the Strait of Hormuz has been almost completely closed to navigation. Neither threats nor American negotiation attempts have made a difference, nor have offers of assistance to ships stranded in the passage. This is one of the biggest energy shocks in history, with no solution in sight. Here are the detailed consequences.
Oil tankers passing through the Strait of Hormuz, per week
Before the war, the Strait of Hormuz saw about 1,500 oil tankers pass through each month. They are now passing only intermittently: in April, it is estimated that only about 180 passed. This is equivalent to 12% of the global consumption missing, according to our estimates. For each additional month of the strait’s closure, there is a 2% shortfall in annual liquefied natural gas consumption.
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 over 70% in some countries, particularly impacting nations with low reserves like Pakistan or the Philippines.
Imports of LPG in millions of tonnes (2025)
The use of liquefied petroleum gas (LPG) is widespread in many Asian countries, with a significant amount imported through the Strait of Hormuz. In India, where this accounts for 90% of usage, fears of shortages have led to panic buying and closures of some restaurants.
Origin of naptha imports in a selection of Asian economies (2025)
The prices of plastics have soared with the increase in crude oil prices, as they are generally derived from oil. Other materials like naptha, used in their production, also come from the Middle East. Several plastic manufacturers in Asia, facing a situation of force majeure, have freed themselves from certain contractual obligations.
Semiconductor factories, market shares in percentage (2025)
The Qatari Ras Laffan plant, producing a third of the global helium, had to close due to attacks from Iran. This production decrease is especially damaging to South Korea and Taiwan, the two Asian giants of electronic chips production, as helium is used to cool the magnets in semiconductor manufacturing.
Urea prices, in dollars per tonne
Fourteen countries import over 25% of their fertilizers from the Arab-Persian Gulf. Asia and East Africa are severely affected by the situation. Farmers may not be able to bear the price hikes, impacting their crops.
European countries are taking measures to limit price increases for consumers.
Out of the 27 European Union countries, 19 have implemented aid or tax reductions on fuels.
Jet fuel prices, in dollars
European countries, with low refining capacities, depend on jet fuel imports from the Gulf. Prices have surged from $800 per tonne before the war to $1,500, leading airlines to raise fares and adjust flight schedules. The International Energy Agency warns of potential jet fuel shortages in Europe starting in June.
Gasoline prices at the pump in the United States, in dollars per gallon
Increasing American exports of crude oil and refined products contribute to price hikes at US gas pumps. Gasoline prices have risen from just over $3 per gallon in February to around $4.60 per gallon. If the strait does not reopen, prices could exceed $5 per gallon.
Regional aluminium surcharge, in thousands of dollars per tonne
Approximately 20% of the aluminum used by the United States comes from the Arab-Persian Gulf. The price of this raw material has risen by 13% since the start of the war, causing challenges for the American automotive sector.
The price of pistachios has also skyrocketed, with a fifth of the world’s production coming from Iran.
Prices had already been rising due to demand for Dubai chocolate. But with supply disruptions, prices reached $4.57 per pound in March, the highest in eight years.
Context: The closure of the Strait of Hormuz has major economic consequences globally, impacting various industries from oil to aluminum.
Fact Check: The closure of the Strait of Hormuz is a hypothetical scenario in this article and not an actual event.
