The closure of the Strait of Hormuz has reduced daily vessel traffic from more than 100 ships before the war to an average of five, an almost 95% decline. The disruption affects a passage carrying more than one-third of global seaborne crude oil, nearly one-third of liquefied petroleum gas and significant volumes of liquefied natural gas and refined petroleum products. About 80% of world trade by volume moves by sea, according to UNCTAD (the UN’s trade and development body), making the disruption a broad supply-chain shock. Gulf crude exports have fallen 47%, from about 17 million barrels a day in 2025 to roughly nine million bpd in August 2026, while direct crude exports through the strait averaged just 2.2 million bpd. Oil prices are about 20% above pre-war levels after exceeding $130 a barrel in April. Richard Matthews of Gibson Shipbrokers said inventories had provided a buffer, but that the next six months could become more volatile if conditions do not change.