Hormuz Crisis Sparks Asia Oil Shortage

CERAWEEK: Asian energy shortage looms as final deliveries via Hormuz reach ports / Final pre-closure tankers arrive in Asia / Freight rates surge 600% amid rerouting chaos / Brent crude may hit $180-200 in worst case

Jun 02, 2026

Asia is facing the start of an acute energy shortage as the last oil tankers loaded before the Strait of Hormuz closure have begun arriving at their destinations, while alternative supply routes struggle to compensate for the trade disruption. The de facto closure of Hormuz has now entered its fourth week, exhausting the typical transit time for vessels traveling from the Middle East to Asian markets at standard speeds, according to Paul Sankey, senior advisor at Oliver Wyman, speaking at CERA Week by in Houston. “We’re now into our fourth week. It takes around four weeks for the pipeline to deliver with the tankers running at 15 knots. The final tankers are now arriving, and you are now into energy shortage,” Sankey said at CERAWeek. The market is witnessing unprecedented...

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