Opinion: Don’t Be Fooled by Hormuz—Global Oil Demand Isn’t Going Away

May 26, 2026

One-fifth of global oil trade transits the Strait of Hormuz, a strategic risk that, given current events, has shattered supply-chain complacency in world energy markets. Similarly shattered is the illusion that the world is any less dependent on oil today than it was during the epoch-setting 1973–74 Arab oil embargo.

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