business π₯ Hormuz closure causes biggest oil shock ever β½
The closure of the Strait of Hormuz triggered the largest recorded oil supply disruption in March 2026. This major event occurred in the Persian Gulf, where Iran largely blocked shipping traffic after a US-Israel air war. The disruption resulted in a 10.1 million barrels per day loss, significantly higher than the Iranian Revolution's 5.6 million barrels per day loss from November 1978 to April 1979. These recurring crises show how wars and chokepoints pressure global energy security. Future supply stability depends on keeping critical maritime routes open.