Commentary: Who Really Pays for the Strait of Hormuz Blockade?

Since the outbreak of the U.S.-Iran conflict in February 2026, the blockade of the Strait of Hormuz has sent global energy markets into a tailspin. With crude prices whipsawing and supply chains choked, energy security and inflation have reemerged as the twin specters haunting the global economy.

But a closer examination of how different nations consume energy reveals a starkly uneven landscape of vulnerability. The conventional wisdom — that the biggest importers suffer most — misses the mark. The true measure of a nation’s exposure lies in its energy mix and the efficiency of its inflation transmission.