Strait of Hormuz Closure Halves West Asia Oil Exports, Global Supply in Crisis

• West Asia oil exports dropped over 60% in a week due to Strait of Hormuz closure amid US-Israel war in Iran.
• The closure of the key waterway, through which a fifth of global crude flows, has severely disrupted supplies.
• Crude prices surged to over $100 per barrel, highest in four years; fuel prices hit record levels.
• Major producers like UAE, Saudi Arabia, and Iraq significantly cut production, leading to 7-10 million bpd total cuts.
• US President Donald Trump urged NATO allies to reopen the strait, but Western nations ruled out military intervention.