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2026-02-19 20:33:56
[20 Million Barrels of Oil Hang in the Balance: Strait of Hormuz Becomes Focus of US-Iran Standoff, Oil Prices Plunge] ⑴ Approximately 20 million barrels of oil pass through the Strait of Hormuz daily, equivalent to nearly one-fifth of global oil demand. This deep-water channel between Iran and Oman has become the focus of the US-Iran standoff and a key driver of the recent surge in oil prices. ⑵ Analysts point out that disrupting tanker traffic or completely closing the strait are possible ways Iran might retaliate against US strikes. Earlier this week, Iranian state media announced that the strait would be partially closed due to "security precautions." Brent crude rose more than 1% on Thursday, climbing from below $60 in early January to above $70. ⑶ The US has amassed its strongest air force in the Gulf region since the 2003 invasion of Iraq, and its navy has deployed 13 ships in the Middle East and the Eastern Mediterranean. Although the US and Iran held talks in Geneva this week, with the White House claiming "some progress," the two sides "remain significantly different." Iran is expected to present more detailed proposals in the coming weeks. (4) In 2024, nearly 40% of the crude oil passing through the Strait of Hormuz came from Saudi Arabia. Although Saudi Arabia has pipelines bypassing the strait, there is no alternative route for most of the oil passing through this waterway. Of the daily throughput, about three-quarters is crude oil and one-quarter is refined petroleum products, with Iran itself exporting about 1.5 million barrels per day.
