About 13 million barrels of oil, roughly 31% of global seaborne oil trade, passed through the Strait of Hormuz in a day in 2025
After briefly crossing $100 a barrel on Monday to hit $119, oil prices fell sharply after Group of Seven officials met virtually to discuss releasing oil reserves together.
President Donald Trump’s remark that the war could end soon also eased panic.
It was the first time since Russia’s invasion of Ukraine in 2022 that oil surpassed $100 a barrel.
Trump’s comments further calmed markets
Trump warned the US would respond twenty times harder if Iran attempted to block oil shipments through the Strait of Hormuz.
A phone call between Trump and Vladimir Putin, which included proposals for a quick settlement, also eased supply concerns.
The Strait of Hormuz, located between Iran and Oman, is the world’s most important oil chokepoint. About 13 million barrels of oil, roughly 31% of global seaborne oil trade, passed through the waterway in a day in 2025.
It connects major producers such as Saudi Arabia, Iraq, and the United Arab Emirates to global markets.
G7 considers emergency oil release
The Group of Seven is considering releasing 300–400 million barrels from emergency reserves. The International Energy Agency says its members hold more than 1.2 billion barrels of strategic oil stocks to stabilize markets during supply shocks.
What happens if oil crosses $100
A one or two-day spike in oil prices will not affect consumers, but if prices remain high for a week or more, there is a high chance (80%) that gas prices will hit a $4 national average this month. Prices stood at $3.48 per gallon yesterday.