Iran partially closes Strait of Hormuz amid drills; 13 million bpd flow at risk

Iran has partially closed the Strait of Hormuz during Revolutionary Guard drills under security precautions, according to state media. About 13 million bpd—roughly 31% of global seaborne crude—transit the passage, based on Kpler data, while the IEA's Monday report projects a 3.73 million bpd global oil surplus in 2026.