Hormuz closure cut 14% of global oil and gas supply

So what

The 2026 Strait of Hormuz closure removed about 14% of global oil and gas supply at its peak, more than double the 1970s shocks and six times the Ukraine war's impact. Inventories and bypass pipelines have so far absorbed the blow, but those buffers are thinning. Energy-intensive businesses should stress-test for a prolonged disruption and treat supply security as a board-level risk.