Aramco Warns Hormuz Closure Could Delay Oil Market Rebalance to 2027 as 600 Ships Sit Stranded
Updated
Updated · CNBC · May 11
Aramco Warns Hormuz Closure Could Delay Oil Market Rebalance to 2027 as 600 Ships Sit Stranded
17 articles · Updated · CNBC · May 11
Amin Nasser told investors the oil market would still need months to rebalance even if Hormuz reopened now, and a closure lasting beyond mid-June could push normalization into 2027.
About 20% of global oil supply used to pass through the strait, but only 2 to 5 ships now transit daily versus 70 before the war, leaving more than 600 vessels stuck in the Gulf and 240 waiting outside.
Nasser said the market is losing 100 million barrels a week and has already lost more than 1 billion barrels gross, or about 880 million barrels net after Saudi pipeline rerouting and strategic reserve releases.
Saudi Aramco has raised East-West pipeline capacity to 7 million barrels per day, but Nasser said the tanker fleet is now mispositioned globally and will take months to redeploy.
Trump said Monday a ceasefire with Tehran is "on life support," underscoring why gasoline and jet-fuel inventories could fall to critical lows before the summer travel season.
With the Strait of Hormuz closed, how vulnerable is Saudi Aramco's critical bypass pipeline to attack and further market chaos?
Strategic reserves have been released, yet oil prices keep climbing. What happens when the world's emergency energy supply finally runs out?
How will long-term damage to Qatar's gas facilities permanently reshape global energy markets and alliances beyond the immediate oil shock?
Oil Prices Up 80% in 2026: Strait of Hormuz Crisis, Global Inflation, and Aramco’s Warning on Slow Recovery
Overview
The Strait of Hormuz crisis in early 2026 has exposed the vulnerability of global energy markets, as threats or closure of this chokepoint quickly led to worldwide repercussions. Oil prices surged, affecting everything from refinery costs in South Korea to household fuel bills in Germany. Market concerns grew as investor surveys showed most expected disruptions to last beyond June, with many doubting a return to normal shipping before July. This prolonged instability has driven up energy prices, strained supply chains, and forced both companies and governments to adapt, highlighting the interconnectedness and fragility of the global energy system.