Gate News reports that on March 13, according to the Financial Times, since the United States and Israel launched military strikes against Iran, the Gulf oil-producing countries have suffered an estimated $15.1 billion in energy revenue losses due to the near halt of shipping through the Strait of Hormuz. A large amount of crude oil has been stranded as transportation is obstructed. The Strait of Hormuz is one of the world’s most important energy transit routes, typically carrying about one-fifth of global oil trade flow. The current regional conflict has led to a significant reduction in tanker shipments, with millions of barrels of crude oil unable to be exported, impacting Middle Eastern energy supplies and the global oil market.
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