Oil
producers in the Gulf region have lost an estimated $15.1 billion in energy
revenues since the launch of US-Israeli strikes on Iran, the Financial Times
reported Friday, citing estimates from analytics firm Kpler.
The
US and Israel conducted coordinated strikes on the Islamic Republic in late
February, triggering Iranian retaliatory attacks across the region. The
escalating crisis has effectively shut down the Strait of Hormuz—a critical
route handling roughly one-fifth of the world's daily oil and gas supply—as
Tehran bars ships from non-friendly nations. Global crude prices have surged
nearly 50% to $120 per barrel.
The
Strait of Hormuz is estimated to carry approximately $1.2 billion worth of
crude oil, refined products, and liquefied natural gas (LNG) daily, based on
average prices and volumes recorded last year. According to Florian Gruenberger
of Kpler, as cited by the FT, current flows through the waterway are
"negligible" compared with prewar levels.
Among
halted shipments, crude oil accounts for the largest share, representing 71% of
the total value. At least $10.7 billion worth of crude, refined oil products,
and LNG cargoes remain stranded inside the maritime route, Kpler reported.
Saudi
Arabia, the world's second-largest oil producer, has been hardest hit, missing
out on $4.5 billion in energy revenues since the conflict began. Iraq, which
relies on oil production for 90% of government revenues, is among the most
exposed. Other major producers in the region, including the UAE, Kuwait, and
Bahrain, have also faced significant losses.
Gulf
oil producers have deferred $13.3 billion in sales and tax revenue due to
disruptions in oil shipments, according to UK-based consultancy Wood Mackenzie,
as cited by the FT.
On
Friday, US President Donald Trump told Fox News that American forces would
escort vessels through the Strait of Hormuz if necessary. Last week, Trump
urged tanker crews sailing through the vital waterway to "show some
guts."