No. 1067 - Energy markets under chokepoint stress: the 2026 Hormuz shock

Questioni di Economia e Finanza (Occasional papers)
by Alessandro D'Orazio, Simone Emiliozzi, Fabrizio Ferriani, Andrea Gazzani, Marco Taboga and Giovanni Veronese
October 2026
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This study analyzes the effects of the 2026 Middle East conflict and the disruption of traffic through the Strait of Hormuz on global energy markets. Focusing on developments up to mid-2026, it examines the impact on the supply and prices of crude oil, refined products and liquefied natural gas, the mechanisms through which the shock was absorbed, and the main policy responses, while also providing a comparison with the 2021-22 energy crisis.

The Hormuz crisis generated an unprecedented supply shock in energy markets and the largest supply disruption ever recorded in the oil market. The increase in prices was cushioned by high inventories, emergency reserves, the reallocation of trade flows and weaker demand. The direct effects were larger in Asia, while Europe was affected mainly through higher prices and stronger competition for alternative supplies.

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  1. 13 October 2026
    No. 1067 - Energy markets under chokepoint stress: the 2026 Hormuz shock
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