More than two months after the closure of the Strait of Hormuz, “The Economist†carried out infographic work on the economic repercussions across the planet. From fuel shortages to the soaring price of pistachios, including the consequences on factories producing semiconductors.
It has been more than two months since the Strait of Hormuz was almost completely closed to navigation. Neither the threats nor the attempts to negotiate by the Americans did anything, nor did the offers of assistance to the ships blocked in the passage. This is one of the biggest energy shocks in history, with no resolution in sight. Here are its consequences in detail.
Oil tankers transiting the Strait of Hormuz, per week
Before the war, the Strait of Hormuz saw approximately 1,500 oil ships pass through each month. They are only passing by in dribs and drabs: in April, it is estimated that there were only 180. This is the equivalent of 12% of global consumption which is missing, according to our estimates. For each additional month of closure of the strait, 2% of the annual consumption of liquefied natural gas is missing.
Strait of Hormuz, crude oil exports by destination, million barrels per day (2025)
Around 85% of the oil and 90% of the gas that normally passes through the Strait is destined for Asia. After the closure of Hormuz, oil prices jumped – by more than 70%, even, in certain countries. A particularly violent shock where reserves are low, such as in Pakistan or the Philippines.
LPG imports in million tonnes (2025)
Cooking with liquefied petroleum gas is very widespread in many Asian countries, but a large part of this LPG is imported via the Strait of Hormuz. In India, where this share reaches 90%, the fear of a shortage has translated into a purchasing fever. Deprived of this fuel, some restaurants had to close.
Origin of naphtha imports in selected Asian economies (2025)
Plastics have seen their prices soar along with that of crude oil, from which they are generally derived. Other materials used in their composition, notably refining products such as naphtha, also come from the Middle East. Several plastic manufacturers in Asia, considering themselves faced with a case of force majeure, have freed themselves from certain contractual obligations.
Semiconductor factories, market share in percentage (2025)
The Qatari Ras Laffan factory, which produces a third of the world’s helium, had to close due to attacks by Iran. This drop in production is a particularly hard blow for South Korea and Taiwan, the two Asian giants of electronic chips, which use helium to cool the magnets used in the manufacture of semiconductors. The United States, a major producer of helium, is protected from this shortage.
Urea price, in dollars per ton
These fourteen countries (see map) import more than 25% of their fertilizers from the Arab-Persian Gulf. Here again, Asia is hit hard. This is also the case for East Africa. About 35% of Kenya and Uganda’s imports come from the Gulf, and it’s over 60% for Malawi. Farmers will not be able to cope with the rise in prices, and their harvests will suffer.
European states are taking measures to limit price increases for consumers. Of the 27 countries of the European Union, 19 have implemented aid or tax reductions on fuels.
Prix du baril de kérosène, en dollars
The European continent, with low refining capacity, is dependent on kerosene imported from the Gulf. A shortfall that it compensates for half by an increase in imports from the United States. From 800 dollars (690 euros) per ton before the war, kerosene rose to 1,500 dollars (1,290 euros), pushing airlines to increase their prices and change their flight schedules. But the International Energy Agency warns that Europe could face significant jet fuel shortages from June, which could lead to an even bigger wave of cancellations.
Gasoline prices at the pump in the United States, in dollars per gallon
Demand for American exports of crude oil and its refined derivatives is increasing, which also contributes to pushing up prices at the pump in the United States. A gallon of gasoline (3.78 liters) is now around 4.60 dollars (4 euros), compared to just over 3 dollars (2.60 euros) in February. And summer, which sees many Americans hitting the road, is unlikely to improve things. According to forecasts, if the strait does not reopen, a gallon could exceed $5 – something not seen since 2022.
Aluminium, surprix régional, en milliers de dollars la tonne
About 20% of the aluminum used by the United States comes from the Arabian Gulf – a raw material whose price has jumped 13% since the start of the war. The American automotive sector is particularly struggling. Compared to other sectors of the United States economy, it suffers from much higher import taxes: the Trump government has implemented customs duties of 50% on aluminum imports. Ford expects a doubling of the costs of its raw materials this year.
The price of pistachio is also skyrocketing, while a fifth of world production comes from Iran. Prices were already high since the popularity of Dubai chocolate. But with the disruption in supplies, they reached 4.57 dollars (around 4 euros) per pound in March, unheard of in eight years.
Donald Trump may announce an imminent agreement every other day, but a lasting return to peace does not seem likely tomorrow. And even if the belligerents manage to agree, the damage caused to the world economy by the closure of the strait is profound. It will take months for oil production, refining and transportation to return to normal. So the shock felt today is probably only the beginning.
