Trafigura Warns World’s Largest Energy Crisis Is Far From Over

The Strait of Hormuz is effectively closed due to ongoing Middle East conflict, with shipping volumes near zero and oil, LNG, and refined product exports severely curtailed — Trafigura estimates this represents the largest energy crisis in history, with losses of ~14 million barrels per day. Even a near-term peace agreement would not quickly restore maritime trade flows, as vessel repositioning, depleted inventories, and disrupted logistics chains are expected to weigh on tanker, LNG, and commodity shipping for months.