"The near-closure of the Strait of Hormuz has removed 9 million to 10 million barrels of crude oil from global markets each day, but that is only the beginning of the economic damage."
"The present crisis is worse than the Arab oil embargo of 1973, and broader than the Russian gas cutoff that followed the 2022 invasion of Ukraine."
"The vulnerability of the global energy supply to Iranian coercion cannot be remedied by any military operation, diplomatic cease-fire, or drawdown of strategic reserves."
"The only long-term solution is new infrastructure-making a massive, internationally coordinated investment in energy corridors that bypass the Strait of Hormuz entirely."
The conflict with Iran has led to a significant energy crisis, with the near-closure of the Strait of Hormuz removing 9 to 10 million barrels of crude oil daily. This situation surpasses the 1973 Arab oil embargo and the 2022 Russian gas cutoff. The crisis affects 20% of the world's liquified natural gas supply and disrupts essential products like diesel, fertilizers, and petrochemicals. Countries are adopting measures like four-day workweeks to conserve energy, highlighting the urgent need for new infrastructure to bypass the Strait of Hormuz.
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