The Strait That Almost Wasn't: A Cautionary Tale of Global Energy Markets The European aviation industry narrowly escaped disaster this summer when a severe disruption to global oil supplies failed to materialize as predicted.
Experts had warned that the closure of the Strait of Hormuz, which carries nearly 20 million barrels per day of crude oil and petroleum products, would lead to catastrophic shortages.
But instead, European airports continued to operate normally, petrol stations remained stocked, and diesel rationing was avoided.