Can the Arab world afford to have both of its critical maritime arteries under threat at once?

The Strait of Hormuz has been closed since late February 2026. Under normal conditions about 20 million barrels of oil a day pass through the strait, close to a fifth of the total global supply, along with about a fifth of the world’s liquefied natural gas. When the US and Israel launched their military campaign against Iran on Feb. 28, Tehran retaliated by targeting international shipping, war-risk insurance became unavailable, and traffic through the strait dropped to a trickle. By the end of March, alternative routes had restored only about a third of normal flows.