It’s not just oil. Around one fifth of globally traded liquefied natural gas moved through the Strait of Hormuz in 2024, according to the Energy Information Administration, making it one of the most critical nodes in the world’s energy system. Tanker‑tracking data show that Saudi Arabia alone shipped about 5.5 million barrels per day through the strait in 2024. With about 38% of total crude oil flowing through, the passage is essential for Gulf exporters. While workarounds do exist, including existing pipelines that crisscross their way through the Arabian Peninsula, their limited capacity would struggle to make up for flows that would be lost in a full closure of the strait, leaving the global market particularly susceptible to any sustained disruption.
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It is the first time in the event's history that the ceremony will be held outside of London.
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