Global Oil Trade Faces Uncertainty as Strait of Hormuz Disruptions PersistMarket Reactions and Economic Impacts Amid Strait of Hormuz TensionsMarch 2 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. Shipping Disruptions and Rising RisksSuddenly, everyone's an expert on crude shipping through the Strait of Hormuz. Marine Traffic shows the red dots of tankers piling up each side of the vital waterway that carries a fifth of the world's seaborne oil trade, a similar amount of liquefied natural gas and apparently a third of its fertiliser. Much of the oil flows to Asia, and particularly China which was the main buyer of Iranian crude. Oil Supply and Price VolatilityOPEC+ did decide to lift crude oil output by 206,000 barrels per day from April, but that's just 0.2% of global oil demand and much of that will still need to be shipped.

Source: The Guardian March 02, 2026 06:09 UTC