Middle East conflict brings uncertainty in oil supply with closure of the Strait of Hormuz

ST. JOSEPH, Mo. (KQTV)-- With the ongoing conflict in Iran, gas prices aren't expected to go down anytime soon.

Iran controls the critical war checkpoint, the Strait of Hormuz.

The Strait of Hormuz is a slim maritime corridor between Iran and Oman and the United Arab Emirates to the south. It connects to global markets.

According to EIA, in 2024, oil flow through the Strait averaged 20 million barrels per day (b/d), or the equivalent of about 20% of global petroleum liquids consumption.

In the first quarter of 2025, total oil flows through the Strait of Hormuz remained relatively flat compared with 2024.

Iran has threatened to target any ships passing through the Strait.

At least 21 ships have been hit, targeted or reported attacks since the start of the conflict, according to an AFP tally based on data from the UK Maritime Trade Operations (UKMTO), the IMO and Iraqi and Iranian authorities.

A Thai cargo vessel, Mayuree Naree was hit by projectiles in the Starait of Hormuz. The ship was attacked on March 11 and 20 crew members were recused.

According to Lloyd's List, an average of more than 3,000 vessels transit the Strait of Hormuz each month. In addition, 89 ships have crossed the Strait of Hormuz between March 1 and 15 including 16 oil tanker down from roughy 100 to 135 vessel passages per day before the war.

Since the conflict, crude prices spiked above $100 a barrel. U.S. President Donald Trump has pressured allies and trade partners to send to send warships and reopen the strait, hoping to bring oil prices lower.

The national average price for gas is now $3.88, according to AAA.