How much of the world's oil goes through the Strait of Hormuz?

Saudi Arabia is the largest exporter through the strait, followed by Iraq, the United Arab Emirates, Kuwait and Iran. More than 80% of the oil leaving through Hormuz goes to Asia, with China, India, Japan and South Korea the biggest buyers.

That concentration means Asian refiners feel a closure first, but prices move for every buyer because oil is priced globally.

Very little by pre-war standards. Industry estimates suggested Hormuz crude exports at about 11.1 million barrels a day in October, but only 7.3 million in the week to Oct 28, more than 40% below the pre-war level of about 16 million. Vessel counts are far lower still, with many tankers running dark or moving in shuttles.

Some Saudi crude can bypass the strait by pipeline to Red Sea ports, and the UAE can export from the Gulf of Oman, but those routes cannot replace the full flow.

A one fifth share of world supply has no quick substitute. IEA members agreed in March 2026 to release 400 million barrels of emergency stocks, the largest release ever, and about 330 million had been released by October. Brent settled at US$104.77 a barrel on Nov 2 after diplomacy hopes knocked it down 7.6% in a day.

For buyers of fuel, plastics, fertilizer and freight, Hormuz exposure is not limited to oil importers. It runs through every input priced off energy.