The war with Iran has effectively closed the Strait of Hormuz and forced producers in the Gulf region to begin shutting down oil and gas production, actions that cannot be quickly reversed. Given that approximately 20% of the world’s oil production must travel through the Strait of Hormuz in order to reach consumers, it is likely that this disruption will be significant, and last for weeks or months, depending on the duration of hostilities and the time it takes to reestablish production and a working supply chain once the war is over.
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