Flows of crude oil and fuels through the Strait of Hormuz fell by nearly 6 million barrels per day in the first quarter of 2026, the start of a seismic energy shock that has upended global supplies and sent prices surging.
Oil slipped in volatile trading as traders awaited a pivotal meeting between US President Donald Trump and Chinese counterpart Xi Jinping, while fresh US data suggested stockpile have yet to drop to critical levels.
The Valero Port Arthur Refinery in Port Arthur, Texas, US, on Tuesday, April 14, 2026. US natural gas futures ended lower for a fifth consecutive session, erasing earlier gains as traders weighed plunging oil prices against mixed weather outlooks. Photographer: Mark Felix/Bloomberg
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