206 Million Barrels of Oil Evaporate in Hormuz, Equivalent to 103 Eiffel Towers
Jakarta, CNBC Indonesia - War has turned the Strait of Hormuz into a tense inferno.
The sky over the Gulf remains as blue as ever. The sea is still vast, and the shipping lanes unchanged. What is missing are the giant tankers that should be carrying oil.
In just one month, the global market has lost a volume equivalent to 103 giant tankers. This is no empty metaphor. The real figure is 206 million barrels of oil vanishing from the world’s trade flow between February and March 2026.
Data compiled by Kpler and visualised by Al Jazeera (AJLabs) records that total exports from six Arab countries plummeted from 469 million barrels to 263 million barrels. The decline reached 44%.
Iraq suffered the deepest fall, with exports dropping from 94 million barrels to just 17 million barrels. Kuwait fell from 35 million to 9 million barrels. Qatar lost nearly two-thirds of its volume, Saudi Arabia – the main anchor of the global oil market – also saw a significant correction, while the United Arab Emirates came under pressure, dropping from 94 million to 69 million barrels.
One exception emerged in Oman, where exports actually rose from 25 million to 29 million barrels, fortunately as its export route lies outside the conflict hotspot.
Tensions involving Iran, the United States, and Israel have placed the main shipping lane around the Strait of Hormuz in the high-risk category.
Insurance premiums have surged, ship operators are holding back movements, and some ports are facing operational disruptions. Oil remains in the earth’s belly, but not all of it can get out.
To grasp the scale, Al Jazeera illustrates it with one Very Large Crude Carrier (VLCC) measuring 330 metres in length, nearly as tall as the Eiffel Tower.
One such ship carries around 2 million barrels. The loss of 206 million barrels equates to 103 VLCCs that never set sail.
One barrel of crude oil equals 159 litres. From that, about 43% becomes petrol, or roughly 73 litres. That volume could power a vehicle for up to 730 kilometres.
When 206 million barrels fail to reach refineries, what is lost is not just raw commodity; it means billions of litres of fuel never produced, more expensive flights, and stalled logistics.
The economic value is immediately felt. Assuming a price of US$80 per barrel, the value of the lost oil reaches US$16.4 billion. At US$100, it rises to US$20.6 billion. If the market moves to US$120, the loss figure hits US$24.7 billion. This estimate is based on market price calculations from Trading Economics.
Even as of today, global oil prices are rising again in Friday trading (10/4/2026), amid escalating geopolitical risks that are once more capturing market attention.
Based on Refinitiv data as of 13:52 WIB, Brent is at US$96.68 per barrel, down 0.8%, while West Texas Intermediate (WTI) is at US$98.81 per barrel, down 0.9%.
The main sentiment stems from attacks on Saudi Arabian energy facilities that have cut production by around 600,000 barrels per day. Additionally, oil flows through the East-West Pipeline have been disrupted by up to 700,000 barrels per day.
Over nearly six weeks of conflict, around 2.4 million barrels per day of oil processing capacity has been reported offline due to infrastructure damage in the Gulf region.
For exporting countries, this means a sharp contraction in foreign exchange earnings in a short time.
Ultimately, the impact ripples through the global energy system. Supplies tighten, price volatility rises, and market players adjust their expectations.
Importing countries face cost pressures, while producers outside the conflict zone gain opportunities to fill the gap. In such situations, the market does not wait for stability; it immediately seeks a new balance.
This crisis does not halt production entirely. It disrupts movement. Oil is still pumped, but the journey from well to consumer is interrupted at several points.
On the global energy map, the loss of 206 million barrels in a month is reshaping trade flows, shifting prices, and testing the resilience of the world’s logistics system.
Some cargoes that should have passed through are now merely recorded as discrepancies and lost amid the figures.