It helps that oil supply has exceeded demand recently, helping to offset the risk of shortages. However, risks may be longer-lasting than experts currently imagine, even without a complete blockade of the Strait of Hormuz by Iran. The disruption of maritime traffic through the strait is still the most serious challenge. Even if transit is still possible, the cost to insure a ship passing through the region has exploded, raising doubts about its economic viability. But Iranian missiles and drones have also targeted oil infrastructure in neighboring Arab countries, forcing refiners to temporarily suspend operations.

Source: The North Africa Journal March 06, 2026 18:00 UTC