Oil Supply Shock Looms as Last Tankers Exit Hormuz Before Iran War

Middle Eastern outlets stress that the war in Iran and the Hormuz blockade are causing a regional energy and food shock that Gulf and Asian states must quickly manage. They highlight Iran’s attempts to earn around $15 billion in transit fees in local currency and its claim that it can withstand weeks without exports, while neighbors like the UAE urge their industries to cut costs and adjust. Commentators in the region expect long‑term changes in global energy security, with some states like South Korea already locking in supplies from routes outside Hormuz.

• •Iran is seeking to charge roughly $15 billion in Strait of Hormuz transit fees, payable in its local currency, to offset lost oil income.
• •Regional analysts estimate Iran can operate for up to two months without exporting oil before it must reduce production.
• •Gulf food and consumer‑goods industries are being told to remain disciplined and manage costs to cope with higher energy and shipping prices caused by the war.
• •South Korea has arranged about 270 million barrels of oil from suppliers not affected by the Hormuz blockade to secure its energy needs.
• •Commentary in regional outlets warns that a prolonged closure or partial closure of Hormuz will reshape global energy security and trade routes for years.