Hormuz Crisis Costs Fossil Fuel Importers $330 Billion

The Hormuz crisis has caused significant economic losses for fossil fuel importers worldwide. According to a recent study by the Centre for Research on Energy and Clean Air, the gross extra cost of seaborne crude oil, oil products, and LNG imports was approximately $330 billion between March and August 2026.

This represents a 35% increase above pre-war expectations, with crude oil accounting for $164.1 billion of this total. Diesel and gasoil added $73.8 billion to the costs, while gasoline and jet fuel contributed $35.7 billion and $20.0 billion respectively.

The study also found that clean power generation added since 2020 saved importing countries an estimated $36 billion in avoided coal, gas, and oil imports during the first five months of the crisis. This includes $22 billion in gas imports, $10 billion in coal imports, and $5 billion in oil imports.

The cost of the Hormuz crisis to fossil fuel importers is comparable to all global investments in renewable power in 2025 on a per-month average basis. The crisis has also led to the largest sustained price shock since the 1990 Gulf War, with Brent crude oil prices averaging 38% above pre-war levels.