Oil exports from the Middle East have fallen by at least 60 percent due to disruptions and heightened tensions stemming from the ongoing war involving Iran, the United States, and Israel. The near-closure of the Hormuz Strait has forced many exporting nations to cancel shipping plans and suspend production at several oil fields, creating one of the largest supply disruptions in history. Crude oil prices have surged to their highest level in four years.

According to data from analytics firm Kpler, as of March 15, average daily exports of crude oil, condensate, and refined products from eight Middle Eastern countries — Saudi Arabia, Kuwait, Iran, Iraq, Oman, Qatar, Bahrain, and the United Arab Emirates — dropped to 9.71 million barrels, down from 25.13 million barrels in February. Kpler analyst Johannes Raubal reported that floating crude inventories in the region exceeded 50 million barrels this week, compared to about 10 million barrels before the conflict began.

Analysts warn that if the Hormuz Strait disruption persists, global energy markets could face further instability and oil-importing nations may experience additional price increases.