Hormuz Oil Flows Collapsed 30% in Q1; Iran War Triggers Global Energy Crisis

Oil exports through the Strait of Hormuz collapsed by nearly 30% (6 million barrels per day) in Q1 2026 due to the US-Israeli war on Iran, marking the start of a seismic energy shock. Saudi output hit its lowest since 1990, and Brent crude moved to a discount for the first time, signaling structural supply damage with ripple effects across inflation, currencies, and growth forecasts.