The oil tanker Helga moored at one of Iraq's southern offshore oil terminals near Basra
Middle East oil’s multi-step recovery plan
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
The closure of the Strait of Hormuz has caused the largest supply disruption in the history of the global oil market and poses the greatest threat to the world’s energy security, according to the IEA. Its impact has already exceeded that of the supply shocks of the 1970s and the 1990 Gulf War. This maritime blockade, a direct consequence of the US-Israel war with Iran initiated on 28 February, effectively removed 20–25% of the world’s seaborne crude oil and 20% of its LNG from the market. Despite expectations of de-escalation in the coming weeks, concerns remain centred on the significant logistical and technical challenges of reopening the waterway. Restoring supply from Saudi Arabia, the U
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