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Hormuz Strait Blockade Triggers Global Oil Crisis

The blockade of the Strait of Hormuz cut crude oil and fuel shipments by nearly 6 million barrels per day in the first quarter of 2026, severely disrupting worldwide energy supplies. The blockade eliminated nearly a billion barrels from global markets, with shortages accelerating daily. China's energy imports contracted sharply in April as the chokepoint halt strangled flows of crude and liquefied natural gas. Oil prices surged as the supply shock rippled across markets. U.S. officials are developing enhanced monitoring of strategic petroleum reserves and shipping traffic through critical maritime corridors. Washington is negotiating a potential agreement to restore flows, while Beijing instructed major banks to pause new lending to refiners recently sanctioned by the U.S. Brent crude prices retreated for a third consecutive trading session as negotiations progressed.