Shipping data: Iran has sent more than 11 million barrels of oil through the strait since the war began, all of it to China

Iran has shipped at least 11.7 million barrels of crude oil through the Strait of Hormuz since the U.S.-Israeli conflict with Iran began on February 28, all of which were destined for China. Despite Tehran's threats to attack vessels transiting the critical waterway, Iran has maintained crude exports via Hormuz, though many tankers have "gone dark" by disabling tracking systems to avoid detection.

The Strait of Hormuz, which handles about 20% of global oil and gas shipments, has seen traffic drop to a trickle as tankers avoid the region amid heightened tensions. Ten vessels have been attacked near the strait in the past two weeks, killing at least seven crew members, according to the International Maritime Organization. Meanwhile, Iran has resumed loading tankers at the Jask terminal on the Gulf of Oman, south of Hormuz, as an alternative export route. However, Jask's efficiency lags far behind the primary Kharg Island terminal, where a Very Large Crude Carrier (VLCC) can load in one to two days compared to up to 10 days at Jask.

China, Iran's largest oil buyer, has accelerated crude imports to build strategic reserves, with shipments averaging 1.22 million barrels per day since the war began—well below pre-conflict levels of 2.16 million barrels per day in February. Beijing's stockpiling efforts have been driven by concerns over supply disruptions, exacerbated by U.S. actions targeting Venezuela and Iran.

Oil prices surged to nearly $120 per barrel earlier this week amid fears of a prolonged strait closure but have since retreated to around $88.90 for Brent crude as of March 11. Global leaders, including the G7, are reportedly considering emergency oil reserve releases to mitigate potential shocks. The conflict's impact on energy markets remains closely watched, with analysts divided on how long the strait's closure can be sustained without broader economic fallout.