Hormuz Crude Flows Fell 30% as Iran Conflict Chokes Supply; Oil Rises to Force Rate Delays

Oil flows through the Strait of Hormuz fell nearly 6 million barrels per day in Q1 2026, the steepest decline on record due to the Iran war. The supply shock has pushed crude prices higher, forcing central banks to revise inflation forecasts and delay rate cuts, with knock-on effects for energy importers and auto maintenance costs.