Head of petroleum analysis, GasBuddy
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The Strait of Hormuz remains under effective Iranian control as new Supreme Leader Mojtaba Khamenei vows to maintain the blockade as 'leverage' and urges Gulf states to expel U.S. bases. The Islamic Revolutionary Guard Corps (IRGC) continues coordinated attacks on commercial shipping, stranding over 1,000 vessels worth $25 billion in the Persian Gulf; Iraq has halted 1.5 million barrels per day of production, QatarEnergy's LNG facilities are offline, and Saudi Aramco cut output by 20% to 8 million barrels per day as storage overflows. A March 14 drone attack caused fire at UAE's Fujairah port, partially suspending operations at this key oil hub outside the strait.
Updated 3 days ago
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