Ormuz Strait closure slashes global energy and fertilizer exports

The shutdown of the Strait of Ormuz has triggered a sharp contraction in worldwide trade of energy and fertilizer products. Export volumes of 12 key commodities fell 54% year‑on‑year, with liquefied natural gas down 95%, urea 83%, methanol 80% and ammonia 75%. Crude oil shipments dropped by 28 million tonnes, the largest loss among the affected goods.

Importing markets that rely heavily on Gulf supplies have been hit hardest. Japan’s crude oil imports fell 64%, South Korea’s 23% and Malaysia’s 41%. Thailand managed to boost its crude imports by 62% by sourcing alternative cargoes. The United States and China have stepped in as alternative suppliers for LNG and polymers, though imports of other products such as propane and sulfur have also declined. Despite intermittent pauses in the conflict, shipping traffic remains well below normal levels, keeping prices high and supply chains strained.