FT: Gulf oil producers have lost about $15.1 billion in energy revenue, with the Hormuz Strait nearly blocked

BlockBeats News, March 13th, According to the Financial Times, since the US and Israel launched military strikes against Iran, the Gulf oil-producing countries have suffered an accumulated loss of about $15.1 billion in energy revenue due to the almost stagnant shipping in the Strait of Hormuz. A large amount of crude oil has been forced to stay stranded due to transportation disruptions.

The Strait of Hormuz is one of the world's most important energy shipping routes, typically carrying about one-fifth of global oil trade flow. The current regional conflict has significantly reduced oil tanker traffic, with millions of barrels of crude unable to be exported, impacting Middle Eastern energy supply and the global oil market.