of global petroleum passes through the strait daily
OIL PRICE
>$100
per barrel since Houthi strikes on Saudi oil infrastructure
CREW INJURED
2
aboard tanker struck entering Strait of Hormuz, Sept. 21, 2026
CANAL AT STAKE
Suez
Egypt controls the canal — making Sisi a pivotal interlocutor
Oil Price Trajectory · Jan–Sept 2026
The oil price chart above tracks market response to each escalation event. Dashed yellow lines mark incidents that correspond to price inflection points. The tabs below detail the geographic stakes, the incident record, and the diplomatic back-channel activity unfolding around the crisis.
Strait of Hormuz
Persian Gulf / Gulf of Oman
20
MBPD
20%
GLOBAL
At risk — projectile strike Sept. 21, 2026
World's single most critical oil chokepoint. Iran has repeatedly threatened closure.
Bab al-Mandeb
Red Sea / Gulf of Aden
MBPD
8%
GLOBAL
Closed — Houthi blockade in effect
Closure forces rerouting around Cape of Good Hope, adding ~10 days and significant cost per voyage.
Suez Canal
Egypt
5.5
MBPD
5%
GLOBAL
Open — Egypt under diplomatic pressure
CIA Director Ratcliffe met President Sisi in Cairo Sept. 20, 2026. Egypt controls access.
Strait of Malacca
Southeast Asia
16
MBPD
15%
GLOBAL
Open
Primary route for Middle East oil reaching China, Japan, South Korea.