ASIATODAY.ID, MOSCOW — The escalating conflict between the United States, Israel, and Iran is sending shockwaves through global energy markets, wiping out billions of dollars in revenue for oil-producing states in the Persian Gulf.
Since coordinated US–Israeli strikes on Iran in late February, Gulf energy producers have lost an estimated $15.1 billion in oil and gas revenues, according to data cited by the Financial Times from energy analytics firm Kpler.
The attacks triggered Iranian retaliation across the region and effectively disrupted traffic through the Strait of Hormuz, one of the world’s most critical energy chokepoints.
Iran has reportedly barred vessels from countries it considers hostile, sharply reducing tanker movements through the narrow waterway that typically carries about one-fifth of the world’s daily oil and gas supply.
The disruption has rattled global markets, pushing crude prices up nearly 50% to around $120 per barrel.
Global Energy Artery Under Pressure
The Strait of Hormuz normally handles around $1.2 billion worth of crude oil, refined petroleum products, and liquefied natural gas (LNG) shipments every day, based on last year’s average prices and volumes.
But according to Florian Gruenberger, an analyst at Kpler quoted by the Financial Times, shipping activity through the strategic route has collapsed.
“Current flows through the Strait are negligible compared with pre-war levels,” Gruenberger said.
Crude oil accounts for the largest share of the halted shipments, representing roughly 71% of the total cargo value. In total, an estimated $10.7 billion worth of crude, refined fuels, and LNG cargoes are currently stranded in the waterway.
Saudi Arabia Hit the Hardest
Among Gulf producers, Saudi Arabia, the world’s second-largest oil producer, has been the most affected, losing about $4.5 billion in energy revenues since the conflict began.
Iraq, whose government relies on oil for roughly 90% of its public revenues, is also considered highly vulnerable to prolonged disruptions.
Other major Gulf exporters—including the United Arab Emirates, Kuwait, and Bahrain—have also suffered significant financial losses due to stalled shipments.
According to UK-based consultancy Wood Mackenzie, Gulf oil producers have collectively deferred around $13.3 billion in sales and tax revenues as export flows remain disrupted.
US Signals Military Escort for Tankers
Amid rising tensions, US President Donald Trump said American forces could escort tankers passing through the Strait of Hormuz if necessary.
Speaking to Fox News on Friday, Trump suggested the US military was prepared to ensure the safety of commercial shipping in the strategic corridor.
Last week, he also urged tanker crews navigating the area to “show some guts” despite the heightened security risks.
Analysts warn the growing confrontation in the Middle East could rapidly escalate into a global energy crisis, given the Strait of Hormuz’s central role in transporting oil and gas supplies worldwide. (RT)
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