"According to the U.S. Energy Information Administration, an average of 20 million barrels of oil a day flow through the strait, or the equivalent of about 20% of global petroleum liquids consumption and about one-quarter of total global seaborne oil trade. In addition to oil, about one-fifth of global liquefied natural gas trade also passes through the Strait of Hormuz, primarily from Qatar."
"Given its importance to the energy trade, the strait's closure would cause massive turmoil in markets. Analysts have estimated that it could send crude prices to $100 per barrel. Any closure might entail use of mines, patrol boats, aircraft, cruise missiles, and diesel submarines."
"EIA estimates that the Saudi and UAE pipelines could be used to divert 2.6 million barrels per day from the Strait of Hormuz. The United Arab Emirates operates another pipeline that bypasses the Strait of Hormuz by linking onshore oilfields to the Fujairah export terminal in the Gulf of Oman."
The Strait of Hormuz, a critical global energy chokepoint, faces significant disruption following U.S. and Israeli military operations against Iran. Iran's Islamic Revolutionary Guard Corps has launched missiles at vessels in the region, causing shipping companies to avoid the strait as a precaution. Approximately 20 million barrels of oil daily flow through the strait, representing 20% of global petroleum consumption and one-quarter of seaborne oil trade. Additionally, one-fifth of global liquefied natural gas trade passes through this route. A complete closure could send crude prices to $100 per barrel and require weeks or months to clear. However, alternative pipelines operated by Saudi Aramco and the United Arab Emirates could divert 2.6 million barrels daily, partially offsetting supply disruptions.
Read at Fortune
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