Internationalism No. 86, April 2026 Page 12 The third US Gulf War has entered its fourth week. Fatih Birol, director of the International Energy Agency (IEA), was quick to describe it as the largest supply disruption in the history of the global oil market , due to the closure of the Strait of Hormuz. In normal times, 20 million barrels per day (Mb/d) of crude oil and refined products flow through the Strait of Hormuz. 80% of the total flow is destined for Asia, rising to 90% in the case of liquefied natural gas (LNG). Iran claims that the Strait is closed only to its enemies, but, for all practical purposes, the risk of crossing it is such that insurance premiums for oil tankers not explicitly authorised to do so are prohibitively high. With no storage capacity for the extracted crude and hoping to reduce the number of targets, the Gulf States have cut their oil production by at least 10 Mb/d. According to Daniel Yergin, by far the biggest disruption in worl...