While 2022 was about gas, this year’s energy crisis is about oil

The closure of the Strait of Hormuz due to the Iran war has cut off approximately 25% of global oil seaborne trade and nearly 20% of global LNG trade, causing major disruptions to maritime shipping routes through the world's most critical oil chokepoint. Australia, which imports ~90% of its oil needs, is particularly exposed, while global shipping flows for Middle Eastern energy exports are severely curtailed.