TEHRAN- Persian Gulf oil producers have lost an estimated $15.1 billion in energy revenues since the start of US and Israeli strikes on Iran, with millions of barrels of crude trapped by the near-shutdown of the Strait of Hormuz, Financial Times reported on Friday.
According to estimates by commodities analytics firm Kpler, the strait typically carries about $1.2 billion worth of crude oil, refined products and liquefied natural gas each day, based on average prices and volumes in 2025.
Since the conflict escalated on February 28, traffic through the critical shipping route has largely stopped.
The total lost revenue lays bare the financial cost of the war for Persian Gulf states that are heavily reliant on commodity sales to fund their governments.
The waterway now sees only “negligible” flows compared with prewar levels, said Florian Gruenberger of Kpler.
Among the halted shipments, crude oil accounted for the largest share, representing 71 per cent of the value.
Saudi Arabia, as the largest oil exporter, has lost out the most, with the kingdom estimated to have missed out on $4.5 billion since the war started according to Wood Mackenzie, though the kingdom is planning to significantly raise exports from the Red Sea in the coming days.
Peter Martin, head of economics at Wood Mackenzie, said Iraq was among the most exposed as it relies on oil production for 90 percent of government revenues. “Kuwait and Qatar are also highly exposed, but both can call on large sovereign wealth funds to buffer the short-term impact,” he added.
At least $10.7 billion worth of crude, refined oil products and LNG cargoes remained stranded inside the Strait of Hormuz, loaded but unable to reach their destinations, Kpler said.
Some of the cargoes had already been sold under prewar long-term contracts, meaning they may still generate revenue, depending on the payment timing, which is typically 15 to 30 days after loading. The impact of the disruption may vary between producers. Antoine Halff, co-founder of satellite analytics company Kayrros, said Saudi Arabia may be better positioned to absorb the disruption than Iraq, which he expects to suffer more severe losses.
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