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2 clusters · 8 sources · 23 days · First seen · Last updated

Categories: BUSINESS

Hormuz Strait oil supply disruption

Entities: China · United States · Saudi Arabia · Strait of Hormuz · Petroline pipeline

Overview

In early July, the closure of the Strait of Hormuz from March to May slashed daily crude shipments from roughly 20 million barrels to 2.7 million, creating the largest supply interruption since the February 28 Middle‑East conflict. A pre‑existing global surplus, sizable strategic reserves, and rapid draw‑down of private inventories limited market fallout, keeping Brent near $72 a barrel and averting a price collapse.

By late July, Saudi Arabia reported a 19.5 % rise in May oil exports, shifting shipments through the Petroline pipeline to the Red Sea port of Yanbu to bypass the contested strait. China remained the chief destination, with South Korea and the United Arab Emirates also receiving significant volumes. The data illustrate how alternative routing helped sustain export flows despite ongoing Hormuz tensions.

Timeline

  1. 1 day ago

    [BUSINESS] 5 sources
    Saudi Arabia’s oil exports jump 19.5% in May despite Hormuz tensions

    Saudi oil exports rose 19.5% in May, boosting their share of total exports to 75.6% despite Hormuz tensions, thanks to the Petroline pipeline; China was the main buyer.

  2. 24 days ago

    [BUSINESS] 3 sources
    Strait of Hormuz shutdown reshapes global oil supplies and market prices

    The March‑May shutdown of the Strait of Hormuz cut shipments from 20 million to 2.7 million bpd, but global oil surplus, emergency releases and alternative routes kept markets stable, with Brent near $72 and a

Sources

arabnews.fr · elespectador.com · elperiodicodelaenergia.com · english.mathrubhumi.com · larazon.es · malagahoy.es · negocios.com · spanish.almanar.com.lb