The reason is that the processing and trade of this natural resource largely came to a halt. Economic experts say this is a significant recent loss, and its effects could last for years.
When the war started in late February 2026, Iran closed the Strait of Hormuz a route through which about 20% of the world’s petroleum supply passes. This had global consequences, causing fuel prices to surge.
The conflict also disrupted transportation and halted industrial processing of petroleum products.
The data analytics company Kpler reports that more than 500 million barrels of petroleum products have remained unprocessed since the war began.
This amount is equivalent to what the United States or all of Europe consumes in a month. It is also comparable to what the U.S. military would need for six months.
In March alone, Gulf Arab countries lost about 8 million barrels per day.
Jet fuel exports from countries such as Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, Bahrain, and Oman dropped sharply, from 19.6 million barrels in February 2026 to just 4.1 million in March.
This quantity of fuel could power around 20,000 flights between John F. Kennedy International Airport in the United States and Heathrow Airport in the United Kingdom, including return trips.
